Shiba Inu (SHIB), the popular meme coin, might be due for a comeback as on-chain data suggests a slowdown in selling activity. Investors are cautiously optimistic after a significant decline in the number of SHIB tokens transferred to exchanges, often a precursor to selling.
This positive development follows a period of intense selling pressure, potentially triggered by whales moving their holdings to exchanges. However, recent data from CryptoQuant indicates a decline in SHIB’s net flow into exchanges, signifying a potential cooling off from selling.
This shift, coupled with a slight price increase in the last 24 hours, has instilled a sense of relief among SHIB holders. The news comes as welcome relief after a brutal three-month downtrend for the meme coin.
Analysts are even suggesting a possible 18% rally for SHIB, buoyed by this newfound optimism. Whether this prediction holds true remains to be seen, but the decline in net flows offers a glimmer of hope for Shiba Inu’s future.
June 2024, Cryptoniteuae
