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Shiba Inu, a dog-themed cryptocurrency, is demonstrating an intriguing tendency that could pave the way for a potential bull run.
Shiba Inu supply on exchanges has decreased by 0.51% since Nov. 12, according to data from on-chain analytics firm Santiment.
Given Shiba Inu's total supply of 589.59 trillion SHIB and circulating supply of 589.35 trillion SHIB, the percentage decline remains significant and represents billions of SHIB. Out of Shiba Inu's gigantic supply, around 7.85% is now being held on exchanges.
The positive implication goes thus: less SHIB on exchanges might imply reduced selling pressure and thus set the stage for potential gains.
Supply is likely dropping as more traders and investors prefer to self-custody their Shiba Inu holdings. This suggests that rather than selling, investors prefer to hold their assets for potential future rewards.
With less supply on the market, a little increase in demand would be enough to quickly drive prices up.
At the time of writing, SHIB was down 1.74% in the last 24 hours to $0.000009455.
Shiba Inu to see supply reduction as massive SHIB burns loom
Shiba Inu is set to see an enormous supply reduction as another massive SHIB burn nears while Shibarium sees an explosive transaction surge.
The Shiba Inu team will be carrying out three additional manual burns this week, on Dec. 14, 15 and 16. The total value of these burns is projected to exceed the previous 8.2 billion token burn.
The team revealed this in the sixth and most recent issue of SHIB Magazine, which was published yesterday.
Shibarium's total transactions have skyrocketed, reaching 97,919,035. Shibarium now has a remarkable daily average of 7.5 million transactions, just three months after its start.
Gamza Khanzadaev
Godfrey Benjamin
