The Main Reason Why a Huge Surge in Shiba Inu Could Be Coming Soon

Amid a challenging market environment led by Bitcoin, Shiba Inu investors are facing tough times. However, new data on exchange reserves and whale accumulation suggest a potential bullish momentum for the popular cryptocurrency.
Shiba Inu has been struggling to maintain its price above $0.00002 in the midst of a prolonged market downturn influenced by Bitcoin’s performance. With an intraday low of $0.00002101, Shiba Inu is at risk of falling further from its current position.
Having lost over 15% of its value over the past week, Shiba Inu is currently priced at $0.00002156. Despite these challenges, market intelligence platform Santiment has hinted at a possible relief for Shiba Inu in the near future.
Santiment recently reported a decrease in the amount of Shiba Inu available on centralized exchanges. The top ten exchange wallets have seen a 2.4% reduction in SHIB tokens since May 27, indicating a trend of decreased supply on exchanges.
The withdrawal of SHIB tokens from exchanges gained momentum in early June, with exchanges holding 164.63 trillion SHIB tokens as of June 12. This decrease in exchange holdings has historically been seen as a positive signal for the asset.
In addition, the accumulation of Shiba Inu by whales is evident in the increase in wallets holding significant amounts of SHIB tokens since March. With 831,548 addresses holding between 10,000 and 10 million SHIB tokens, the number of wallets has grown by 36,281 since March 5.
While Santiment refrains from making specific price predictions for SHIB, other market analysts have suggested potential targets based on technical analysis. Some predict a significant rally that could drive SHiba Inu to $0.00014, while others propose a 300% increase to $0.0001 in the near future.
Ultimately, investors are advised to conduct thorough research and make informed decisions before investing in cryptocurrencies. The views expressed in this article are personal opinions and do not necessarily reflect the opinions of The Crypto Basic. It is important to exercise caution and diligence when navigating the volatile cryptocurrency market.