Shiba Inu Whales Optimistic as Supply Shrinks and Price Declines
Recent on-chain data indicates a positive trend for Shiba Inu (SHIB) as large holders, known as whales, have been moving their tokens off exchanges, suggesting bullish sentiment in the market. Santiment, an on-chain analytics firm, has highlighted a significant development in the behavior of Shiba Inu whales, particularly in terms of exchange and non-exchange holdings.
Exchange Whales vs. Non-Exchange Whales
- Exchange whales: Top 150 wallets affiliated with centralized exchanges
- Non-exchange whales: Top 150 self-custodial wallets
Trend in Whale Holdings
Santiment shared a chart illustrating the changes in total supply held by exchange whales and non-exchange whales over recent months. The data shows:
- Exchange whales have significantly reduced their SHIB holdings by 5.53 trillion tokens
- Non-exchange whales have seen a growth of approximately 6.57 trillion SHIB in their wallets
Implications of Supply Movement
Key observations from the data include:
- Non-exchange whales absorbing coins from exchange wallets
- Potential decrease in available sell supply for SHIB on exchanges
- Positive outlook for SHIB as whales shift towards long-term holding strategies
Market Response and Price Movement
Despite a 28% decline in SHIB’s price over the past month, the recent supply movement among whales indicates underlying confidence in the asset. The decline in price, coupled with increased whale accumulation, suggests a potential reversal in the bearish trend for SHIB.
Future Outlook
Investors are closely monitoring the market to see if the increased whale activity will lead to a significant price surge for SHIB in the near future. The recent accumulation by large holders may signal a shift in sentiment towards the memecoin and its long-term growth potential.
Key Takeaways for SHIB Investors
- Positive movement of SHIB supply from exchange whales to non-exchange whales
- Whale accumulation seen as a bullish indicator for SHIB’s price
- Market sentiment shifting towards long-term growth prospects for SHIB
Hot Take: Shiba Inu Whales Bullish on Potential Price Rally
On-chain data shows the Shiba Inu whales have been making large outflows from exchanges recently, a sign that could be bullish for SHIB’s price.
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