A recovery for Shiba Inu (SHIB) may be just around the corner as recent on-chain data suggests that 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 risen over the past 24 hours.
Shiba Inu's net inflow to exchanges is on a downward trend
Data from on-chain data analysis platform CryptoQuant shows that the net flow of SHIB into exchanges has declined. This undoubtedly brings a glimmer of comfort to the Shiba Inu ecosystem, as the meme coin faced huge selling pressure after a large amount of SHIB entered the exchange.
Bitcoinist reports that the number of Shiba Inu tokens held by whales has recently decreased, with 392.7 billion tokens being moved from their wallets. This suggests that they have been moving their holdings to exchanges to sell. However, the decline in net flows on exchanges now brings a bullish outlook for SHIB as a meme token as it suggests that selling pressure should ease and Shiba Inu could 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 the Bitcoin price has recovered above $60,000 and could see further gains as the flagship cryptocurrency recovers. Shiba Inu whales also need to return to the market and accumulate as much SHIB as possible. This will allow Shiba Inu to enter a price discovery phase and the meme coin is likely to reclaim the $0.00002 price level as support once again.
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SHIB is still expected to reach $0.00045000
Despite the recent price correction, Shiba Inu is still expected to peak before the bull run ends. Crypto analyst Captain Toblerone recently shared an update on his chart analysis of SHIB. According to the chart he shared, Shiba Inu is still expected to rise to $0.00045000, a move that is expected to occur by the end of this year or sometime in 2025.
One commonality among the predictions of several cryptocurrency analysts is their unanimous belief that the meme coin will drop another zero to $0.0001 or higher. Some cryptocurrency analysts, like Ali Martinez, even predict that SHIB could hit another new all-time high in this bull run, rising as high as $0.011.
