The bullish turn of SHIB on-chain metrics suggests that the price of Shiba Inu might be gearing up for a rebound
Shiba Inu Token Accumulation Supports Potential Price Gains
Shiba Inu Token Supply on Exchanges Declines
Over the past month, more and more people have been buying Shiba Inu (SHIB) tokens. This is good news for the price of the token because when more people want to buy it, the price can go up. At the same time, the number of SHIB tokens available to buy on exchanges has been going down. This means that there is less selling pressure on the token, which can also help the price go up. Right now, Shiba Inu is trading at $0.00000966 and has gained 5% in value over the past week.
Accumulation of SHIB Tokens
Data from crypto intelligence tracker Santiment shows that people who already own SHIB tokens have been buying even more of them. There are four different groups of SHIB holders, and all of them have been increasing their holdings of the token. This is usually seen as a positive sign because it means that people believe the price will go up even more.
Network Growth Supports Price Increase
Another important factor to consider is something called Network Growth. This tells us how many people are using and trading SHIB tokens. In the past 30 days, the Network Growth for Shiba Inu has been going up, which is a good sign for the price. It means that more people are interested in the token and are using it for different things. This supports the current price trend of Shiba Inu.
Partnership with Shibacals and Busta Rhymes
Shiba Inu has recently partnered with a company called Shibacals. They help other companies that use Web3 technology and also make physical merchandise. One of their latest partnerships is with Busta Rhymes, a famous rapper and songwriter. Together, they are creating collectibles called “Chooky.” This partnership is exciting because it brings more attention to Shiba Inu and could attract even more people to buy the token.
In conclusion, the increasing accumulation of Shiba Inu tokens and the decline in supply on exchanges suggest that the price of the token could continue to rise. Additionally, the positive Network Growth and the exciting partnership with Shibacals and Busta Rhymes further support the potential for price gains.