Is the SHIB Rally Imminent as Exchange Outflows by Shiba Inu Whales Continue? 🚀

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.