The amount of Shiba Inu (CRYPTO:SHIB) held on exchanges has dropped to its lowest level since March 2022, indicating a bullish sentiment among investors.

With the decline in SHIB's supply on exchanges, investors are opting to hold the meme coin for the long term rather than selling it.

Additionally, data shows a significant reduction in daily exchange inflow for SHIB, suggesting decreased short-term sell pressure.

This could potentially pave the way for another parabolic price surge for SHIB as short-term holders may have already exited their positions.

Shiba Inu's lead developer and projections from crypto analysts further bolster confidence in SHIB's potential to stand out in the current bull run, with some predicting it could surpass its all-time high and even reach ambitious price targets.