2024-10-18 17:21 |
As Shiba Inu (SHIB) continues to reign supreme as the second-largest meme coin based on market value, the altcoin is witnessing an impressive holding culture.
This can be reflected by the fact that, according to CryptoQuant data, SHIB balances on crypto exchanges have been in free fall since the beginning of this year.
Therefore, this trend depicts a shift to self-custody and cold storage methods since low exchange balances show that a cryptocurrency is being held for long-term purposes other than speculation.
This paints a bullish picture in the Shiba Inu ecosystem, thanks to heightened confidence about the meme coin’s future value. Furthermore, this development shows that SHIB might experience diminishing selling pressure in the short term.
With Shiba Inu already enjoying a monthly surge of 32.7%, the 13th-largest cryptocurrency is expected to continue building bullish momentum thanks to heightened holding.
SHIB also backs its thriving community, a major stepping stone towards enhanced resilience as partnerships take center stage.
For instance, Shiba Inu recently inked a strategic partnership with Mass, a leading financial company, to boost its network state.
Taking on X, formerly Twitter, Kaal Dhairya, a leading Shiba Inu figure, acknowledged, “Hold onto your leashes. Shib is teaming up with Mass to build the ulti-mutt financial layer of our Shib network state. Time to unleash the paw-sibilities.”
Therefore, this partnership is deemed a game-changer since it will set the ball rolling in realizing a Shiba State. It will establish a decentralized ecosystem that houses Web3 gaming, non-fungible tokens (NFTs), and decentralized finance (DeFi).
Meanwhile, Shiba Inu’s growing ecosystem might trigger a 1000% explosion with excitement about a SHIB exchange-traded fund (ETF) gaining steam.
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