At $0.000007, Shiba Inu (SHIB) price has gained 3% this week. Vital on-chain indicators provide insights into how Bitcoin’s (BTC) growing market dominance could impact SHIB price action.
This week, Shiba Inu’s 3% price bounce is significantly lower than other high-performing mega-cap assets like Bitcoin (BTC) and Solana (SOL). What does the future hold for the second-largest memecoin by market capitalization?
SHIB Supply on Exchanges Remains High Despite Crypto Market Recovery
Global interest in the memecoin sector has waned in recent months. Due to the escalating crisis in the Middle East, Bitcoin has encroached on more market share as investors’ risk appetite declines.
This raises major red flags that could exacerbate disinterest in the memecoin sector. This could leave SHIB on the fringes amid the ongoing market rally.
Indicatively, Shiba Inu holders seem to be bracing for early-profit taking. After moving over 1 trillion SHIB tokens into crypto exchanges over the last three weeks, the SHIB market supply currently appears saturated.
According to on-chain data compiled by CryptoQuant, Shiba Inu Exchange Reserves recently grazed a 60-day peak of 170 trillion SHIB on October 17 before dropping slightly toward 169.4 trillion on Friday.
The inflows, which began on October 8, have now brought the total SHIB Exchange Supply to a 50-day peak of 169 trillion.
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Author: Ibrahim Ajibade
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