Shiba Inu, a popular meme coin, is showing signs of potential price gains as its supply on cryptocurrency exchanges decreases. According to analytics firm Santiment, the supply of Shiba Inu tokens on exchanges has fallen by 0.51% in the past month, indicating reduced selling pressure. This decrease in exchange supply is accompanied by a surge in transaction levels on the network supporting the Shiba Inu token, called Shibarium. With over 7.84 million transactions taking place and 1.3 million active wallets, the network is experiencing significant activity.

Furthermore, data from Santiment suggests that SHIB holders have been accumulating more tokens, particularly those with balances ranging from 10,000 to 100 million tokens. This accumulation, combined with the shrinking exchange supply, indicates a bullish outlook for Shiba Inu and suggests potential price increases in the near future.

Another positive indicator for Shiba Inu holders is the significant burn rate of SHIB tokens. Over 2.7 million tokens were permanently burned in the last 24 hours, representing a 50% increase compared to the previous day. This burn rate reduces the circulating supply of SHIB, increasing its scarcity.

Despite a short-term dip in price, Shiba Inu is poised for future gains if the exchange supply continues to decline and burn rates remain high. At the time of writing, SHIB is trading at $0.0000093.