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An amazing development has occurred for Shiba Inu (SHIB) amid the recent price dip. The broader crypto market witnessed a price correction, with Bitcoin (BTC) slightly dropping below its crucial levels. The SHIB price followed suit with a minor drop, which halted the upward momentum for the time being. However, it appears that the bullish momentum is far from over.
While some may have panicked during the price fall, the majority of investors and traders displayed more confidence in SHIB. Data from CryptoQuant reveals that traders, and more specifically whales, have been buying SHIB tokens in large numbers. On Oct. 21, whales withdrew a whopping 1.2 trillion tokens from centralized crypto exchanges.
The total value of these coins is estimated to be worth around $21.7 million. This is a huge buying trend for SHIB, and it can inject strong bullish momentum into its price. There is no significant pressure on the meme coin as of now, and this support from whales can further help it and lead toward the price's recovery phase.
Shiba Inu price reaction
It should be noted that crypto traders and large investors withdraw coins from exchanges like Binance to hold them in their private wallets. This action by these investors highlights the long-term holding trend, which gives a major boost to the market's movements. For the Shiba Inu price, rising exchange outflows may be a strong bullish development.
Meanwhile, Shiba Inu is currently trading around $0.00001811 after a decline of 2.99% in the last 24 hours. The trading volume has also dropped to 326.60 million, declining 7.44% over the past day. While these figures paint a gloomy picture, it is noteworthy that the price of Shiba Inu is still up 24.96% in the last 30 days. This means that the broader trend is still positive, and more gains are expected.
Yuri Molchan
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Dan Burgin