Shiba Inu Balance On Exchange Has Been Decreasing
Analyst Ali has observed that there has been a significant decrease in the amount of Shiba Inu (SHIB) held on exchanges since November. The “Balance on Exchanges” metric, which tracks the total amount of SHIB stored in centralized exchange wallets, has been declining. This suggests that there have been net withdrawals from exchanges and potential accumulation by holders in self-custodial wallets.
A chart displaying the trend in the Balance on Exchanges for Shiba Inu confirms this decline. Over the past few months, approximately 8 trillion SHIB, worth around $86 million, has been withdrawn from exchanges. This large-scale withdrawal indicates the involvement of entities like whales who may be accumulating SHIB.
The fact that the metric hasn’t reversed its direction despite a recent 30% increase in SHIB’s price suggests that these whales are not yet ready to sell and are interested in buying more of the memecoin.
Potential Bull Run Preparation
It is possible that these large Shiba Inu investors are accumulating in preparation for a potential bull run next year. Many believe that Bitcoin ETF approvals could trigger a major capital injection into the cryptocurrency sector. Therefore, these withdrawals may be an indication of fresh buying by whales.
SHIB Price
Last week, Shiba Inu experienced a decline towards $0.0000960 but has since seen a 10% jump, recovering to the 0.00001083 level. However, if there is a reversal in the Shiba Inu Balance on Exchanges, it could potentially lead to a short-term drop in the meme coin’s price.
Hot Take: Shiba Inu Accumulation and Potential Bull Run
Recent on-chain data indicates that there has been a significant decrease in Shiba Inu held on exchanges, suggesting net withdrawals and potential accumulation by large holders. This withdrawal trend, along with the recent price increase, may indicate preparation for a potential bull run in the future. However, a reversal in the Balance on Exchanges could lead to a short-term drop in SHIB’s price. Keep an eye on these developments as they could impact the meme coin’s performance.
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