Shiba Inu (SHIB) restoration is on the horizon, as current on-chain knowledge exhibits that the meme coin's traders could have cooled off on offloading their tokens. This has mirrored positively on Sh

A Shiba Inu (SHIB) restoration is on the horizon, as current on-chain knowledge exhibits that the meme coin's traders could have cooled off on offloading their tokens.

Shiba Inu (SHIB) price has shown a downward trend in recent days However, optimism for the meme coin remains high. Recent on-chain data suggests that SHIB investors may have cooled off unloading their tokens. This has had a positive impact on the SHIB price in the last 24 hours.

According to data received from the KriptoQuant platform, SHIB's net inflow to the stock exchanges has decreased. This is considered as positive news for SHIB, considering that it faced selling pressure after a large amount of tokens were transferred to the stock market.

According to Bitcoinist's report, a decrease was also observed in the amount of Shiba Inu in the hands of whales. 392.7 billion tokens were moved from whale wallets. This shows that they most likely moved their tokens to exchanges for sale. However, the decline in stock market inflows increases the expectation of a rise in prices for SHIB. Because this means that the selling pressure has decreased and the SHIB price may jump from current levels.

However, the recovery of the SHIB price will largely depend on the Bitcoin price movement in the coming days. Data from market intelligence platform IntoTheBlock shows that SHIB has a significant price correlation with Bitcoin. This situation is also seen as the reason why Shiba Inu has been greatly affected, as the leading cryptocurrency has recently fallen below $60,000.

As Bitcoin climbs back above $60,000, SHIB is already showing signs of viability and the leading cryptocurrency It may move higher as it recovers. Additionally, the SHIB whales will need to re-engage and collect as much SHIB as possible. This could push SHIB into price discovery and the meme coin could possibly reclaim the $0.00002 price level as support.

SHIB Price Still Heading towards $0.00045000

Despite the recent price correction, SHIB is bullish It is expected to reach much higher levels before its run ends. Crypto analyst Captain Toblerone recently shared an update of his chart analysis for SHIB. According to the chart he shared, Shiba Inu is still poised to move as high as $0.00045000, and this move is expected to occur towards the end of this year or some point in 2025.

A common theme among the predictions of several crypto analysts is that the meme coin will take another zero The consensus is that it will rise and reach $0.0001 or above. Some crypto analysts like Ali Martinez have even made predictions that SHIB could go as high as $0.011 in this bull run.

At the time of writing, Shiba Inu is trading at around $0.00001761 and is up almost 2% in the last 24 hours, according to CoinMarketCap data.

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