Key Shiba Inu (SHIB) Metric Falls to a 5-Year Low: Good News for the Bulls?

Shiba Inu’s exchange-held supply fell to roughly 86 trillion tokens, the lowest level since April 2021, as the cryptocurrency traded near $0.0000055 and ranked 37th by market capitalization at about $2.9 billion. The token had dropped 15% over the previous 30 days. A lower exchange balance is generally interpreted as a bullish signal because it can reduce immediate selling pressure, while Shiba Inu’s burn rate rose more than 635% in 24 hours after almost 11 million tokens were sent to a null address. Still, interest in meme coins has weakened and activity on Shibarium, Shiba Inu’s layer-2 scaling solution, has shrunk to thousands or even hundreds of daily transactions.