Shiba Inu (SHIB) Sees Decrease in Supply on Exchanges
Despite a recent market downturn, Shiba Inu (SHIB) remains an attractive investment option, according to industry experts. The supply of SHIB tokens on cryptocurrency exchanges has decreased to 7.58% on December 12, down from nearly 9% in June. This reduction in supply indicates reduced selling pressure, which could lead to potential gains for the meme coin. On the other hand, an increasing percentage of SHIB supply on exchanges may suggest a potential price correction.
SHIB’s Recent Achievements
Although SHIB has experienced a decline in price, it has achieved significant milestones. Shibarium, its layer-2 blockchain solution, has set new records for daily transactions throughout December, bringing the total network transactions close to 100 million. Additionally, Binance, the largest cryptocurrency exchange globally, has introduced new trading pairs featuring SHIB and the stablecoin First Digital USD (FDUSD).
SHIB Price Analysis
Currently trading at $0.00000944, SHIB has seen a decrease of -1.76% in the past 24 hours and -7.30% in the past 7 days. However, it has gained 6.15% in value over the previous month. With a supply shortage on exchanges and positive trading indicators like trading above its 200-day simple moving average and multiple green days in the past month, there is still potential for future gains.
Hot Take: SHIB Holds Promise Despite Market Turndown
Despite the recent market turndown and decrease in supply on exchanges, Shiba Inu (SHIB) remains an intriguing investment opportunity. The reduction in SHIB tokens available on trading platforms can lead to decreased selling pressure and potential gains. SHIB has also achieved notable milestones, such as the success of Shibarium and new trading pairs on Binance. Although the price has experienced a decline, positive trading indicators suggest there is still potential for growth. As always, it’s important to conduct thorough research and consider market conditions before making any investment decisions.
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