The increasing popularity of Shiba Inu [SHIB] is clearly evident through its growing appeal and the speed at which new adoptions are taking place. Another encouraging sign of adoption can be seen in the amounts of SHIB held on various exchanges. Many exchanges have incorporated Shiba Inu into their portfolios. However, recent data reveals that the combined amount of this meme coin held across these exchanges has been steadily rising.
Based on data from Santiment, significant upticks have been observed in the balances on several prominent exchanges. The total SHIB balance on Binance, for instance, surged to 30.9 trillion tokens, marking a noteworthy increase of 201.1 billion tokens in the past 24 hours.
A similar trend was noted on OKX, which closely followed with a balance of 9.9 trillion tokens, having accumulated 149.4 billion tokens within the last day. This contrast between the influx of tokens, which might suggest a potential intention to sell, and the growth in holdings actually indicates a positive trend of greater adoption for SHIB.
SHIB Exchange Reserves Experience Notable Decrease in Supply
The recent uptick in the balance coincided with a time when the quantity of Shiba Inu tokens held on exchanges underwent a decrease. Over the weekend, SHIB witnessed a notable price surge. Concurrently, the supply of Shiba Inu tokens on exchanges dwindled to 8.29%, marking the lowest level seen since April 2021. This indicates that the pressure to sell SHIB has not intensified.
The ongoing upward movement in SHIB’s price is likely to continue due to the limited availability of SHIB tokens for sale on exchanges. Furthermore, the period of strong performance for this asset was relatively short-lived. As of the current moment, SHIB was being traded at $0.00000898, showing a 3.17% decrease over the day. Nonetheless, the enthusiasm surrounding Shibarium and the previously mentioned exchange-related developments hold the potential to set the stage for a favorable path ahead for this meme coin.