On-chain metrics signal a 42% increase in the price of Shiba Inu

The popular memecoin Shiba Inu (SHIB) is moving within a bullish pattern, a breakout of which could mark the start of a new rally.

Positive investor sentiment, reflected in a decrease in the number of transfers to exchanges, is pushing SHIB towards growth.

Investor confidence in Shiba Inu is rising again

Shiba Inu investors remain positive despite the recent correction. This can be seen from the decrease in the number of token transfers to exchanges, which signals the reluctance of holders to sell the asset at the current price.

Active SHIB deposits. Source: Santiment

Additionally, more SHIBs are now moving from short-term to long-term holders. The former own the asset for less than a month, while the latter hold it for up to 12 months.