According to Santiment, the owners of the said assets may be preparing to hold a celebration. The on-chain analytics platform revealed that the supply held by leading exchange wallets has decreased significantly over the past few weeks.
Shiba Inu supply has decreased by 2.4% since May 27. LINK saw a 2.9% drop and Ethereum saw the highest drop of 8.6%.
Although the reduction is considered a discount, this time it is different. Santiment revealed that the decrease in supply on the exchange is a bullish signal as traders are not focusing on selling. Platform wrote:
“Reduced exchange supply should be considered a good sign for optimistic traders.”
At the time of writing, the Shiba Inu is trading at 0.00002157 USD. While Ethereum is trading at $3,516.63 after a slight recovery, LINK is still stuck at $15.30.
The future of the Shiba Inu is still uncertain?
Santiment’s prediction is a good sign. But recent data notes that major SHIB holders have transferred around 4.29 trillion tokens to Coinbase, a US-based cryptocurrency exchange.
The reason behind this sudden but notable change is unknown. However, the relocation could mean there is a possibility of selling pressure affecting the price of the meme coin.
Shiba Inu continues to stay 75% below its all-time high of $0.00008845. Reaching this level is remote, but the likelihood of a rally is higher than the likelihood of a decline.
