Bitrabo Editorial
Recent on-chain data indicates that Shiba Inu whales are transferring a significant amount of tokens out of exchanges, a potential bullish signal for SHIB’s price.
Significant Decrease in Supply from Large Shiba Inu Exchange Wallets
In a recent report by Santiment, an on-chain analytics firm, the trend among Shiba Inu whales’ holdings is discussed. These sizable holders are categorized into two groups: exchange whales and non-exchange whales.
Exchange whales represent the 150 largest wallets on the network affiliated with centralized exchanges, while non-exchange whales are the top 150 self-custodial wallets.
The chart provided by Santiment illustrates the supply changes in these groups over recent months.
The data shows a notable decrease in supply within the top 150 exchange wallets recently. Specifically, these exchange whales now hold 5.53 trillion fewer SHIB tokens compared to a month ago.
Conversely, non-exchange whales have seen their holdings increase by approximately 6.57 trillion SHIB during the same period.
This suggests that self-custodial investors have acquired tokens from exchange whales and potentially from smaller holders as well.
Typically, investors store their tokens on exchanges for trading purposes, indicating the available sell supply of Shiba Inu.
Therefore, the transfer of tokens from exchange whales to long-term holding self-custodial investors could be a positive indicator for SHIB’s future.
The timing of these outflows is noteworthy, occurring during a price decline for the memecoin. This accumulation signifies that these whales view the recent price lows as favorable entry points.
It will be interesting to observe whether the confidence displayed by these significant holders will result in a turnaround for SHIB, breaking its bearish trend and initiating a new upward movement.
SHIB Price Performance
The past month has been challenging for cryptocurrency investors, with SHIB also experiencing a decline of nearly 28%, currently trading around $0.00001639.
The chart below reflects Shiba Inu’s price movement over the last thirty days.