A Shiba Inu (SHIB) recovery is on the horizon, as recent on-chain data shows that the meme coin’s investors may have cooled off on offloading their tokens. This has reflected positively on Shiba Inu’s price, which is up in the last 24 hours.
Shiba Inu’s Net Flows To Exchanges On The Decline
Data from the on-chain data analytics platform CryptoQuant shows that SHIB’s net flow into exchanges has declined. This undoubtedly presents a relief for the Shiba Inu ecosystem, considering that the meme coin had faced intense selling pressure following the movement of a significant amount of SHIB into exchanges.
Bitcoinist reported a recent decrease in the number of Shiba Inu held by whales, with 392.7 billion tokens being moved from their wallets. This suggested that they had moved their holdings to exchanges to offload them. However, the decline in the net flow to exchanges now presents a bullish outlook for SHIB as the meme coin since this suggests that the selling pressure should ease and that Shiba Inu could enjoy a bounce from its current price levels.
However, SHIB’s recovery will depend largely on Bitcoin’s price action in the coming days. Data from the market intelligence platform IntoTheBlock shows that SHIB has a significant price correlation with Bitcoin. This is also believed to be why Shiba Inu was greatly affected, as the flagship crypto recently dropped below $60,000.
With Bitcoin back over $60,000, SHIB is already showing signs of life and could move further to the upside as the flagship crypto recovers. Shiba Inu whales will also need to return to the mix and accumulate as much SHIB as they can. This would send Shiba Inu into price discovery, with the meme coin possibly reclaiming the $0.00002 price level as support again.
SHIB Still Headed To $0.00045000
Despite this recent price correction, Shiba Inu is still predicted to reach loft heights before the end of this bull run. Crypto analyst Captain Toblerone recently shared an update of his chart analysis for SHIB. Based on the chart he shared, Shiba Inu is still poised to rise to as high as $0.00045000, and this move is expected to happen towards the end of this year or sometime in 2025.
A common theme among predictions made by several crypto analysts is the agreement that the meme coin would shed another zero and reach $0.0001 or above. Some crypto analysts like Ali Martinez have even predicted that SHIB could make another historic run in this bull run and rise to as high as $0.011.
At the time of writing, Shiba Inu is trading at around $0.00001761, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
