A potential recovery for Shiba Inu (SHIB) is in sight, as recent on-chain data indicates that investors in the meme coin may have reduced their selling activities. This development has positively impacted SHIB's price, which has seen an increase over the last 24 hours.

According to CryptoQuant, there has been a decline in SHIB's net flow into exchanges, signaling a decrease in selling pressure within the Shiba Inu ecosystem. Previously, there was significant movement of SHIB tokens into exchanges, likely for selling purposes, but the recent decrease in net flow suggests a more bullish outlook as selling pressure subsides.

Bitcoinist reported a reduction in the holdings of Shiba Inu by large investors, with a significant amount of tokens being transferred to exchanges for potential sale. The current decline in net flow to exchanges indicates a potential relief from selling pressure, which could support SHIB's price recovery from its current levels.

However, the recovery of SHIB largely hinges on the price movements of Bitcoin in the coming days. IntoTheBlock data highlights a strong price correlation between SHIB and Bitcoin, indicating that SHIB's performance is influenced by Bitcoin's movements. As Bitcoin stabilizes above $60,000, SHIB has already shown signs of recovery and could further rise if Bitcoin continues to strengthen.

Analysts like Captain Toblerone predict that Shiba Inu could potentially reach as high as $0.00045000 by the end of this bull run, despite recent corrections. Other forecasts suggest that SHIB could surpass $0.0001 or even reach as high as $0.011 in a bullish scenario, reflecting optimism among some analysts about SHIB's future performance.

As of the latest update, Shiba Inu is trading around $0.00001761, marking an increase of nearly 2% in the past 24 hours, according to CoinMarketCap.