'Dogecoin Killer' Shiba Inu Supply Shrinks On Exchanges — Trader Says 'Setting Stage For Potential Gains'
Portfolio Pulse from Mehab Qureshi
Shiba Inu (CRYPTO: SHIB) has seen a 0.51% decrease in its supply on exchanges over the past month, indicating less selling pressure and potential for price gains. The Shibarium network has experienced a surge in transactions and wallet count since its launch, with a significant number of SHIB tokens burned recently. Despite these developments, SHIB's price has dropped by 2.75% in the last 24 hours.
December 13, 2023 | 5:42 am
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Shiba Inu's decreased supply on exchanges and increased token burns suggest a potential for price gains due to reduced selling pressure. However, the current price action shows a decline.
The reduction in supply on exchanges and token burns are typically bullish signals as they can lead to a supply squeeze. However, the market has not yet reacted positively to this news, as evidenced by the recent price decline. The confidence score reflects the uncertainty in the short-term market reaction.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 100