Shiba Inu price is currently trending within a range after a failed attempt to sustain above it during the recent market-wide rally. Despite this consolidation, the overall market sentiment toward Shiba Inu remains bullish.
Traders are optimistic that SHIB's price could surge higher. On-chain metric analysis supports this optimism, indicating that the price of Shiba Inu could potentially see a 40% increase.
This potential rally is influenced by the fact that exchange deposits for Shiba Inu have hit a 3-year low, reflecting possible accumulation and reduced selling pressure.
