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Shiba Inu (SHIB) is experiencing an interesting trend that could signal changing investor behavior.
The latest CryptoQuant data shows that holders are moving their SHIB tokens away from cryptocurrency exchanges at an increasing rate, with outflows reaching 589.5 million tokens.
The "exchange outflow" from the CryptoQuant chart reveals that exchange outflows have been gradually climbing over the past two days.
The current SHIB situation presents both opportunities and considerations for different types of investors. As the number of coins on the market goes down, short-term traders can find steady patterns in the price due to lower volatility. Yet, when prices do not move much, there are fewer quick chances to make profits.
For those holding the coin for a few years, the outflows can be seen in a positive light. Less supply and rising demand often coincide with increases in prices.
Shiba Inu holders display growing confidence
During this same period, SHIB's price has shown modest upward movement, though it hasn't experienced any dramatic jumps. This combination suggests that holders are becoming more confident about keeping their tokens rather than trading them frequently.
It is worth noting that the state of the broader financial markets and investor interest can still influence SHIB’s direction. Those deciding whether to invest in SHIB shouldn’t overlook this factor, as it can always help them decide whether or when to invest.
The growing outflows from exchanges indicate that existing holders have confidence in the token's future prospects.
SHIB sees almost 76% surge in trading volume
CoinMarketCap data shows that the popular meme cryptocurrency is currently trading at $0.00001316, reflecting about a 4% increase over the past 24 hours. The amount of SHIB traded over 24 hours has risen to $236 million, up by a large 75.65%.
SHIB’s large number of owners proves that it is a popular decentralized asset. Minor volatility in SHIB’s price was seen yesterday, keeping its levels at $0.0000124 at the lowest point and rising to $0.0000132 at one moment. Shiba Inu shows that these coins often do well with community backing and not only because of their features.
Shiba Inu continues to gain market attention as its layer 2 platform (Shibarium) hits 4.63 million daily transactions. It increased from 63,820 over the past five days — a 7,154% gain within this period.