• 17 July, 2024
Markets News

Shiba Inu Whale Movements Indicate Potential Price Surge

Shiba Inu (SHIB) is witnessing a significant shift in whale behavior, indicating a potential bullish trend for the meme coin. Over the past month, the top 150 SHIB non-exchange wallets have increased their holdings by 6.57 trillion coins. Conversely, the top 150 SHIB exchange wallets have seen a reduction of 5.53 trillion coins. This trend, highlighted in a recent post by Santiment, reflects growing confidence among large SHIB holders and a possible positive impact on the coin’s price.

Non-exchange wallets, often used by long-term investors, saw a substantial increase in SHIB holdings. This accumulation suggests that these whales are opting to store their coins securely off exchanges. By doing so, they indicate a long-term commitment to the asset, reducing the immediate selling pressure on SHIB. This behavior is typically seen as a bullish signal, as it implies that these significant holders are expecting positive future developments or consider SHIB undervalued at current prices.

On the other hand, exchange wallets, which are more readily accessible for trading, have experienced a notable decrease in SHIB holdings. The reduction of 5.53 trillion coins suggests that these whales are either moving their assets off exchanges or liquidating their positions. Moving coins off exchanges often indicates an intention to hold for the long term, further supporting the bullish sentiment.

Shiba Inu (SHIB) Shows Potential for Bullish Trend Amid Market Recovery

This shift in whale behavior comes amid a modest 5% price increase for Shiba Inu over the past 48 hours. At press time, Shiba Inu was priced at $0.0000167, with a market cap of $9.84 billion. The price has seen a 1.40% increase in the past day, reflecting positive market sentiment.

The price movement, while not dramatic, shows a slight decoupling from other altcoins. This positive price action may be partly driven by the accumulation trend among non-exchange whales. When significant amounts of a cryptocurrency are moved off exchanges, the reduced available supply can lead to upward price pressure, provided the demand remains steady or increases.

Furthermore, the behavior of these non-exchange whales shows a broader trend of confidence in SHIB’s potential. These investors, often with substantial resources and insights, appear to be positioning themselves for long-term gains. Their actions suggest that they anticipate favorable developments for Shiba Inu, which could range from technological advancements to increased adoption.

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