Shiba Inu (SHIB) is flashing renewed bullish momentum as on-chain data reveals a massive exodus of tokens from centralized exchanges, coinciding with a significant revival of the project's burning mechanism. According to analytics platform CryptoQuant, over 124 billion SHIB were moved out of exchanges in the past 24 hours, signaling that holders are increasingly opting to keep their assets off trading platforms and potentially accumulate for the long term. This marks the largest single-day outflow in recent weeks.
The exchange withdrawal trend aligns with a broader uptick in SHIB demand as the overall crypto market shows signs of recovery. The outflows suggest a reduction in immediate selling pressure, as coins leaving exchanges are often stored in cold wallets or staking, a historically bullish indicator. The decline in exchange supply is a pattern typically associated with accumulation phases seen before price breakouts.
Simultaneously, the Shiba Inu community has re-ignited its token burn program. On July 8, Shiba Inu’s team and supporters destroyed nearly 110 million SHIB—the largest single burn event in six months—following months of tepid activity on Shibarium and fading investor interest. Although the dollar value of the burned tokens remains negligible, the revival of the burn initiative adds a positive sentiment layer, with participants hoping to eventually reduce the massive circulating supply.
SHIB’s price has responded with a modest gain of over 2% in the last 24 hours, trading around $0.000004378. However, the token still trades with five decimal zeros, and analysts estimate a 128% surge would be required to remove another zero and reach $0.00001. The current exchange outflow and burn activity are being closely watched as potential catalysts for a more sustained upward movement.
