Key Insights:
- Over 5 trillion SHIB tokens have been withdrawn from exchanges, indicating reduced selling pressure and growing investor confidence.
- A surge in SHIB accumulation by investors shows a strong belief in the token’s potential for a rebound.
- Shiba Inu’s symmetrical triangle pattern suggests a potential bullish breakout, with resistance at $0.0001592.
Shiba Inu has remained in a period of consolidation over the past few weeks despite the broader altcoin market’s positive momentum. However, technical indicators and significant changes in exchange balances suggest a shift may be imminent for the meme token.
Over 5 trillion SHIB tokens have exited centralized exchanges recently, marking a significant decline in the available supply on these platforms. This shift signals that investors are less inclined to sell their holdings, which historically precedes price rallies. The current total circulating supply of SHIB on exchanges stands at around 283 trillion, highlighting the growing confidence among long-term holders who prefer to store their tokens in cold storage or self-custody wallets.
Investors Show Growing Confidence as Accumulation Surges
This behavior change is mirrored by a surge in SHIB accumulation by investors, who now hold over 12.15 billion tokens—representing a 103% increase in just one month. These smart money movements indicate that investors are betting on a rebound and believe in the token’s future potential, despite the recent setback of the Shibarium hack. With fewer tokens available on exchanges, the potential for upward price pressure increases as long-term holders appear less willing to sell in the short term.
On the technical front, Shiba Inu has formed a symmetrical triangle pattern, with its price currently hovering around $0.000013. This formation suggests that a breakout could be imminent, especially as the token trades near the 50-day Exponential Moving Average. Additionally, key indicators such as the MACD are at neutral levels, while volatility, measured by the Average True Range, has receded. These factors point to the likelihood of a bullish move in the near term, with resistance at $0.0001592, a 25% increase from the current price level.
The Future of Shiba Inu
Despite the recent challenges, including the Shibarium hack, the increasing investor confidence and technical indicators suggest that Shiba Inu may be poised for a significant rally. With a reduction in available supply on exchanges and a growing accumulation of tokens by long-term holders, the conditions appear favorable for SHIB to participate in the ongoing altcoin season.
