The crypto market has yet to recover from the current downturn. Bitcoin [BTC] Ethereum, the biggest cryptocurrency on earth [ETH] Shiba Inu has decreased by 7.81% over the past week. Shiba inu [SHIB] Chainlink experienced a dip in double digits of 14.60%. [LINK] Following suit, the 12% decline was also followed. It doesn’t follow that this downward trend will persist.
Santiment believes that the owners of these assets are likely to be planning a party. On-chain analytics platform shows that supply held by top exchange wallets has dropped dramatically over the past two weeks. Shiba Inu supply is down by 2.4% from May 27. LINK fell 2.9% while Ethereum experienced the biggest drop at 8.6%.
Although reductions in exchange supplies are usually considered a negative sign, the current one is different. Santiment said that the drop in supply is bullish because traders aren’t focused on sales. Platform wrote that
“Decreasing exchange supplies should be considered a good sign for bullish traders.”
![](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/Shiba-Inu-Chainlink-Ethereum-Gear-Up-for-Bullish-Rallies.jpeg)
Shiba Inu traded at $0.00002157 as of the time of publication. Ethereum traded at $3,516.63 after a small recovery. LINK, however, was stuck at $15.30.
Also Read: Shiba Inu: How Much Profit Can Buying the Dip Get You?
Shiba inu future still uncertain?
Santiment’s prediction was a positive sign. Recent data shows that major SHIB token holders have transferred 4,29 trillion tokens from Coinbase to Coinbase.com, an American cryptocurrency exchange. This sudden but notable change is not known. It is possible that the relocation of the coin could indicate a potential for selling pressure, which would impact its price.
Shiba Inu is still 75% under its previous high price of $0.00008845. It is unlikely that this level will be reached, but the odds of a rally are greater than those of a downward trend.
Also Read: Shiba Inu: Top Analyst Issues Last Buy Call Before SHIB Surges 501%
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Source: watcher.guru