Shiba Inu, the popular meme coin, experienced a short-lived bullish comeback recently. However, the withdrawal of over 503 billion SHIB tokens by whales from exchanges suggests that a major upward trend may be imminent.
In the past 24 hours, there has been a gradual increase in the number of Shiba Inu withdrawals from centralized exchanges. Lookonchain, a crypto surveillance account, drew attention to a prominent Shiba Inu whale who withdrew approximately 58.08 billion SHIB tokens from Binance about ten hours ago. In addition, another whale transferred over 445.87 billion SHIB tokens from Robinhood to a private wallet just 21 hours ago. Collectively, whales have withdrawn a staggering 503.9 billion Shiba Inu tokens from exchanges in the past day, with a total value exceeding $13.4 million.
The timing of these large transactions is particularly interesting, as they coincide with Shiba Inu’s recent mini-bull run. After a period of lackluster performance, Shiba Inu recently reached a two-month high of $0.00002933. However, the bulls have faced resistance in their attempt to push the price above the $0.00003 level. Despite briefly reaching a high of $0.00002844, the price of SHIB has since corrected due to pressure from Bitcoin bears. At the time of reporting, SHIB had fallen to a low of $0.00002569 before stabilizing at $0.0000268.
The whales’ decision to withdraw tokens from exchanges after Shiba Inu’s recent gains could potentially lead to further bullish movements for the meme coin. This aligns with the trend observed over the past few months, as SHIB reserves on centralized exchanges have steadily decreased. Data from CryptoQuant shows a 10-month downtrend in SHIB’s exchange supply, indicating a growing scarcity that could contribute to price appreciation if demand continues.
Historical patterns suggest that a decrease in available SHIB tokens on exchanges often precedes price rallies, as seen in late February when a supply decrease led to a significant price increase in early March.
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