The Shiba Inu (SHIB) ecosystem has encountered a volatile few months. The asset was seen recovering today after dropping by 21% throughout the past 30 days. Despite encountering a positive rise during the final months of 2024, the meme coin failed to carry the trend into 2025. SHIB has been struggling to jump back on the bullish wagon. Amidst this, a recent on-chain metric highlighted how the asset could witness a potential uptick in the near future.
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Shiba Inu’s Current Market
At the time of writing, the second largest meme coin was trading at $0.00001304. This comes after a 2.35% rise over the past 24 hours. This surge came as a shock to the market as most assets were seen drowning in losses.
Apart from this, another positive news emerged in the Shiba Inu market. On March 16, the Shiba Inu exchange reserve dropped to a new all-time low of 93.573 trillion tokens. Data from CryptoQuant revealed that this is only 15.88% of the asset’s circulating supply. The number of Shiba Inu owned by wallets associated with well-known exchanges like Binance, Robinhood, Crypto.com, Coinbase, and others is monitored by this indicator.
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It should be noted that when investors want to hold onto their tokens for an extended period of time, they usually remove them from exchanges. This upward tendency may be quite optimistic for the asset, particularly when it recovers. Withdrawing tokens in the face of a decline restricts the exchange supply. This notes the optimism and lessens sell pressure. In addition, it might change market sentiment and reduce liquidity, further pushing the token’s recovery.
Price Prediction
According to data from CoinCodex, Shiba Inu still has immense potential to rise in March. The asset is expected to surge to a high of $0.00002912. The average trading price of SHIB throughout the month is $0.00001577.
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