Shiba Inu: Bracing for Bullish Trends? Exchange Reserves Hit 2-Year Low

Shiba Inu [SHIB] investors have been eagerly looking forward to a possible resurgence in the meme coin’s performance. Despite enduring notable volatility throughout April, SHIB appears to be turning over a new leaf and making a comeback.

At press time, SHIB was trading at $0.00002517 following a 21.38% jump over the last seven days. Another factor to consider is that the meme coin rose by 47% from its recent low on April 13.

Source

Also Read: Shiba Inu Coin’s Q2 2024 Outlook: Maximum Gains or Market Volatility?

Is Shiba Inu’s Fate Looking at a Reversal?

A prominent indicator that captures the attention of investors is the notable drop in SHIB exchange reserves. Data from CryptoQuant reveals that SHIB exchange reserves have witnessed a plummet to around 150 trillion assets this week.

This marks the lowest level recorded since February 2022. Looking back at Feb. 29, the total SHIB reserve on crypto exchanges stood at around 164 trillion tokens. In less than two months this figure recorded a start decline of 14 trillion SHIB.

Shiba Inu sitting stacks of money
Image Source: Watcher Guru

Also Read: Shiba Inu Forecasted To Reach 1 Rupee 46 Paisa in India: Here’s When

This downward trend, however, is considered to be bullish. The decline highlights how heightened scarcity would lead to price appreciation over time. Through the law of supply and demand, this would be the case if demand remains steady or even increases.

Additionally, by transferring SHIB out of exchanges and into personal wallets, investors can reduce immediate selling pressure on the market. This further paves the way for an upward trajectory.

While past performances do not guarantee future results, the bullish signals have been sparking optimism in the market. With self-custody as a growing preference, the exchange reserves are at a two-year low. The stage appears to be set for SHIB to potentially embark on a bullish run. However, the volatility factor of the entire cryptocurrency ecosystem cannot be overlooked.

  • crypto
  • cryptocurrency
  • shib
  • shiba inu

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