Is Shiba Inu (SHIB) on the Verge of a Bull Rally? Closer Look at Important Metric

TL;DR

SHIB Supply Decreases on Exchanges: Shiba Inu’s (SHIB) supply on cryptocurrency exchanges has dropped from about 9% in June to 7.58% in December, suggesting a bullish outlook for its valuation.
Shibarium’s Transaction Milestones: Shibarium, Shiba Inu’s layer-2 solution, has seen record transaction volumes, reaching nearly 100 million transactions and over 2 million total blocks.
Strong Community Engagement: Shiba Inu is recognized as having the most devoted community among memecoins, surpassing Dogecoin and Bonk Inu.

Bullish News for Shiba Inu (SHIB)?

The popular memecoin Shiba Inu, which was on a tear during the bull run in 2021, keeps attracting investors’ interest.

According to blockchain analytics platform Santiment, SHIB supply on cryptocurrency exchanges has been on a significant decline lately, dropping to 7.58% on December 12. In comparison, that figure stood at almost 9% in June this year.

SHIB Supply on Exchanges, Source: Santiment

Less SHIB tokens on trading venues and moving toward self-custody methods is usually seen as a bullish move for the memecoin’s valuation as it eliminates immediate selling pressure. On the other hand, a growing percentage of SHIB supply on exchanges could mean the price is due for correction.

Shiba Inu’s Latest Achievements

Despite its price plunge in the past week, the memecoin blasted through several important milestones lately. Its layer-2 blockchain solution – Shibarium – has been hitting record daily transactions since the beginning of December, bringing the total number of transactions on the network to almost 100 million. In addition, total blocks surpassed the 2 million mark.

Shibarium is an important feature aiming to elevate Shiba Inu as a leader across the memecoin realm by improving speed and lowering transaction fees. Those curious to find out more about it could take a look at the video below:

Apart from Shibarium’s advancement, Shiba Inu made the headlines for another reason. The social media analytics tool LunarCrush determined that the asset has the most devoted community among memecoins. Dogecoin (DOGE) was second, while Bonk Inu (BONK) was third.

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