'Dogecoin Killer' Shiba Inu Supply Shrinks On Exchanges — Trader Says 'Setting Stage For Potential Gains'

Self-proclaimed ‘Dogecoin DOGE/USD killer' Shiba Inu SHIB/USD has registered a decrease of 0.51% in its supply on exchanges over the past month.

What Happened: This trend was identified by cryptocurrency analytics firm Santiment and highlighted by a crypto trader known as @trader_kamikaze on X.

According to Santiment’s data, the supply of Shiba Inu on exchanges fell to 7.85% from its position since November 12, hinting at a decreased willingness among holders to sell their SHIB tokens on exchanges. "SHIB supply on exchanges has fallen by 0.51% since November 12, now at 7.85%! Less SHIB on exchanges generally means reduced selling pressure – setting the stage for potential gains."

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: As the supply of SHIB decreases on exchanges, the network underpinning the token Shibarium, reported a surge in daily transactions, with a count of 7.84 million on Monday. Since its mainnet launch four months ago, Shibarium has processed 93.6 million transactions and recorded 2.08 million total blocks mined. Currently, the network holds 1.3 million wallets.

Data from Shibburn, a platform dedicated to tracking SHIB token burns, details a significant burn of more than 2.7 million SHIB in the last 24 hours. These tokens have been permanently withdrawn from circulation. Correspondingly, the SHIB Burn Rate has escalated by over 50% during the same time frame.

Price Action: At the time of writing, SHIB was trading at $0.0000093, down 2.75% in the last 24 hours, according to Benzinga Pro. 

Image via CryptoFX on Shutterstock

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