Shiba Inu recovery in sight: $0.00045000 expected

A recovery for Shiba Inu (SHIB) is just around the corner, as recent on-chain data suggests investors in the meme coin may have stopped selling their tokens. This has had a positive impact on the price of Shiba Inu, which has increased over the past 24 hours.​

Bitcoinist reports that the number of Shiba Inu tokens held by whales has decreased recently, with 392.7 billion tokens being moved from their wallets. This indicates that they have moved their holdings to an exchange for sale. However, the decline in net flows on exchanges now creates a bullish outlook for SHIB as a meme token, as it suggests that selling pressure should ease and Shiba Inu may rebound from current price levels.​

However, SHIB’s recovery will largely depend on Bitcoin’s price action in the coming days. Data from market intelligence platform IntoTheBlock shows that SHIB has a significant price correlation with Bitcoin. This is also believed to be the reason for the huge impact on Shiba Inu, as the flagship cryptocurrency recently fell below $60,000.​

SHIB has shown signs of recovery as Bitcoin prices have climbed back above $60,000 and could see further gains as the flagship cryptocurrency recovers. Shiba Inu Whales also need to get back into the market and accumulate as much SHIB as possible. This would put Shiba Inu into a price discovery phase and the meme token could once again reclaim the $0.00002 price level as support.​

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