Whales Accumulating Shiba Inu (SHIB) Despite Price Struggles
Although the price of Shiba Inu (SHIB) has been facing challenges, it appears that whales have been taking advantage of the dip to accumulate the meme coin.
Shiba Inu Whale Withdrew Over 546.342 Billion Tokens
A new whale wallet, identified by on-chain analysis platform Spotonchain, has withdrawn over 546.342 billion SHIB tokens. This whale’s portfolio is now valued at over $5 million, consisting solely of SHIB.
Other SHIB Whales and Exchange Reserves
In addition to the new whale, Spotonchain has been monitoring five other SHIB whales, including Justin Sun, the founder of Tron. These whales have withdrawn a total of 2.742 trillion SHIB tokens from Binance.
The exchange reserves of SHIB have also been declining since December 16, indicating a potential accumulation trend among holders.
Price Decline and Recovery
Despite a nearly 30% decline in price since the December top, SHIB is currently trading around 8.80% higher than its recent low.
Hot Take: Whales Seize the Opportunity to Accumulate Shiba Inu
While the price of Shiba Inu may be struggling, whales are capitalizing on this situation to accumulate more tokens. The withdrawal of over 546 billion SHIB tokens by a new whale highlights their confidence in the meme coin’s potential.
In addition, other prominent SHIB holders, including Justin Sun, have been withdrawing significant amounts of tokens from exchanges, signaling their long-term commitment to the project.
Furthermore, the decline in exchange reserves suggests a decreasing selling pressure and a possible shift towards accumulation. This trend could potentially support a future price recovery for SHIB.
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