Shiba Inu is back in demand as the overall crypto market begins to see momentum build again as bulls appear to be taking over the market.
After a few days of increased selling pressure, the latest onchain data from crypto analytics platform CryptoQuant shows that Shiba Inu buyers are back on the scene.
Shiba Inu supply shrinks
With holders now showing renewed interest in the leading meme token, the data showed that over 124 billion SHIB has been moved out of exchanges including Binance in the last 24 hours.
This shows that SHIB holders are barely taking caution and are more willing to hold on to their tokens and acquire more from exchanges rather than sell.
With over 124 billion SHIB moved out of exchanges within the last day, it appears that SHIB is back in demand and may be up for a bullish run as its circulating supply continues to shrink.
While the exchange activity provided a bullish signal for SHIB, the positive trend has continued since the new month began, and market participants are hopeful that the asset could see a major price breakout before the month runs out.
How long till SHIB removes another zero?
Although the bullish exchange activity has seen SHIB's trading price move upwards, showing a decent gain of over 2% over the last 24 hours, the bigger question still remains how long it will continue trading with five zeros.
Following its recent rally, Shiba Inu has surged to around $0.000004378, yet it is still trading around local levels, sparking curiosity about when it would finally see a major price breakout.
Analysts have estimated that Shiba Inu would need to surge by over 128% from its current trading price to finally remove a zero and trade around $0.00001.
Dan Burgin
U.Today Editorial Team
