Shiba Inu Exchange Reserves Hit Lowest Level Since 2023 — Why A Price Surge Could Follow

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Shiba Inu’s exchange reserves have hit a new low, the lowest level since 2023, providing a bullish outlook for the top meme coin. Based on this development, SHIB looks well primedfor a parabolic rally, which could happen soon.  Shiba Inu’s Exchange Reserves Hit Lowest Level Since 2023

CryptoQuant datashows that Shiba Inu’s exchange reserves have dropped to their lowest level since January 2023. This metric refers to the amount of SHIB that is held in wallets linked to crypto exchanges. As such, the drop in these reserves indicates that there has been a massive accumulation by whaleswho have been moving coins to cold storage for long-term holding.  Related Reading Shiba Inu Exchange Reserves Hit Lowest Level Since 2023 — Why A Price Surge Could Follow 9 hours ago

This development is significant as a price surge could follow, with Shiba Inu rallying to new highs. In 2023, as the exchange reserves began to decline, SHIB witnessed a God candle, which sent its price above the psychological $0.00003 level. The meme coin surged from a low of around $0.000007 back then.  Source: CryptoQuant on X

IntoTheBlock dataalso shows that Shiba Inu whales are back to accumulating SHIB, which could spark this rally as demand outweighs supply. Over the last week, SHIB’s largest transactions have been steadily climbing from the lows recorded in June when the meme coin fell to the support level at $0.000010. 

It is also worth noting that Shiba Inu’s correlation with Bitcoin is 0.92, indicating a strong positive correlation between the two assets. As such, the meme coin could also skyrocket as the leading crypto targets new all-time highs (ATHs). BTC is looking to reclaim the $120,000 psychological level, a development which could help SHIB maintain its momentum as it rallies towards $0.000020.   Another Rally To $0.000030 In Sight For SHIB

In an X post, crypto analyst Javon Marks confirmed that Shiba Inu is eyeing another rally to $0.000030. He stated that in the short term and based on confirmed data, SHIB is expected to reach the $0.000032 level in response to a bullish divergence. The analyst noted that this move itself is over 135% and could only be the start of a larger bullish reversal.   Related Reading Shiba Inu Price Could See 180% Explosion As This Indicator Flashes Bullish Divergence 1 week ago

The analyst had earlier revealedthat Shiba Inu had confirmed a clear bullish divergence on its Moving Average Convergence Divergence (MACD). Marks further remarked that this development points to a nearly 180% upside, which would send the meme coin back to around $0.000032. Meanwhile, crypto analyst Investing Haven also confirmedthat the targets of $0.000044 to $0.000066 remain valid for the top meme coin. 

At the time of writing, the Shiba Inu price is trading at around $0.00001439, up over 5% in the last 24 hours, according to datafrom CoinMarketCap. SHIB trading at $0.000014 on the 1D chart | Source: SHIBUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com