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6.57 Trillion Shiba Inu (SHIB) Whale Withdrawals Stun Crypto Exchanges

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Thu, 11/07/2024 - 13:10
6.57 Trillion Shiba Inu (SHIB) Whale Withdrawals Stun Crypto Exchanges
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Recent data from Santiment shows a notable shift in the Shiba Inu (SHIB) market, with whale behavior indicating a change.

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Thus, over the past month, the 150 largest nonexchange SHIB wallets have added 6.57 trillion more coins, while the top 150 exchange wallets have reduced their holdings by 5.53 trillion coins.

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This withdrawal of SHIB tokens from exchanges by large holders suggests increasing confidence among nonexchange whales, who are growing their Shiba Inu holdings as exchange whales decrease theirs. 

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Source: Santiment

This trend is viewed positively by the community, as it may strengthen overall market sentiment and reduce the risk of sudden sell-offs.

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The withdrawal of Shiba Inu tokens from exchanges by whales can be considered an unambiguously positive phenomenon that can strengthen the confidence of the SHIB community. And there is something to strengthen. 

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Source: CoinMarketCap

In recent days and even weeks, the mood of market participants about the popular meme cryptocurrency seems like it cannot get worse.

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Despite the fact that SHIB is the 11th largest coin by capitalization, it is the last among the top five meme tokens in terms of trading volume. 

It is possible that, according to the whales, this is exactly the moment of time at which it is most logical to accumulate the Shiba Inu token. Whether this accumulation foreshadows some major price movement for SHIB in the near future is perhaps the most interesting question right now.

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