As an experienced analyst, I believe that the recent trend of large Shiba Inu exchange whales transferring their coins to non-exchange wallets is a bullish sign for SHIB‘s price. This development indicates that these investors are taking their coins off exchanges and into self-custodial wallets, likely with the intention of holding onto them for the long term.
Recent on-chain activity indicates that large Shiba Inu coin holders, or “whales,” have been transferring significant amounts of SHIB from cryptocurrency exchanges. This movement of coins could potentially be indicative of an upcoming price increase for Shiba Inu.
Large Shiba Inu Exchange Wallets Have Been Losing Supply Recently
As a researcher studying trends in the cryptocurrency market, I’d like to bring your attention to a recent post by Santiment, an on-chain analytics firm. In this post, they delve into the holding patterns of large Shiba Inu token holders, which they’ve categorized into two distinct groups: exchange whales and non-exchange whales.
In simpler terms, the term “exchange whales” refers to the 150 largest cryptocurrency wallets connected to central exchanges, while “non-exchange whales” signifies the top 150 self-owned wallets that do not rely on exchanges for their transactions.
The following chart, provided by Santiment, illustrates the fluctuations in the amount of cryptocurrency held by various groups during the past few months.
According to the graph presented, the top 150 exchange wallets have experienced a significant decrease in their token supply for the memecoin within the past month. To be more precise, these “exchange whales” now control approximately 5.53 trillion fewer tokens compared to around a month prior.
Based on available information, it seems that the large individual investors or “whales” of the Shiba Inu coin, who are not linked to exchanges, have recently acquired approximately 6.57 trillion SHIB tokens during this time frame.
With the quantity being larger than the combined withdrawals from the top 150 exchange wallets, it’s plausible to assume that these individual investors, who hold their assets self-custodially, may have acquired some coins from lesser-known sources as well.
I, as an analyst, would explain that investors often keep their Shiba Inu coins on exchanges for quick access when they intend to trade. Consequently, the quantity of Shiba Inu held on exchanges represents the readily available supply that can be sold in the market.
In other words, the fact that large traders or “whales” in the Shiba Inu (SHIB) exchange are giving up their coins to individual investors who intend to hodl (hold onto their assets for an extended period) could be beneficial for SHIB.
The occurrence of these outflows is particularly encouraging, as they’ve happened when the memecoin’s price has been declining. This accumulation indicates that the whales consider the recent lows as opportune moments to buy into the asset.
It is yet to be determined if the newfound confidence of major investors will result in profit and cause Shib to escape its prolonged downtrend, initiating an uptrend instead.
SHIB Price
Over the past month, the cryptocurrency market has proved challenging for investors, including those holding SHIB. The value of this memecoin has dropped by approximately 28%, resulting in a current price of roughly $0.00001639.
The chart below shows the trajectory of Shiba Inu in the last thirty days.
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2024-07-11 10:12