As Shiba Inu emerges as a popular meme token in the cryptocurrency market, experts believe an interesting trend could pave the way for a bullish market. According to data from on-chain analysis firm Santiment, since November 12th, there has been a 0.51% decrease in the supply of Shiba Inu on exchanges.
With a total supply of 589.59 trillion SHIB and a circulating supply of 589.35 trillion SHIB, this percentage drop for Shiba Inu represents billions of SHIB, carrying significant value. Currently, about 7.85% of the Shiba Inu supply is held on exchanges. A decrease in the amount of SHIB on exchanges could mean a reduction in selling pressure, which could lay the groundwork for potential gains.
The reduction in supply might be due to analysts and investors preferring to store Shiba Inu tokens themselves. This suggests that investors prefer to hold onto their tokens in anticipation of potential future rewards rather than selling them. A decrease in supply along with a slight increase in demand could quickly drive prices up.
At the time of writing, SHIB has seen a decrease of 1.74% in the last 24 hours, falling to a price level of $0.000009455. While there is an increase in transactions on Shibarium, Shiba Inu is preparing for a significant reduction in supply and will carry out three different manual burning transactions on December 14th, 15th, and 16th.
The total amount of tokens to be burned is expected to exceed the previous burn of 8.2 billion tokens. The total transactions on Shibarium have rapidly climbed to 97,919,035, and just three months after its inception, it has reached a notable figure by averaging 7.5 million transactions per day. Historical data shows that each token burn event in cryptocurrencies has caused fluctuations in prices.