Crypto: Are Shiba Inu Whales About to Propel the Price of SHIB?

The movements of whales have always attracted particular attention in the crypto market. Recently, massive transfers of Shiba Inu (SHIB) by whales have caught the attention of investors. These intriguing movements could signal an upcoming bullish trend for the memecoin.

Massive Transfers of Shiba Inu Whales

Recent analyses by the company Santiment reveal a significant trend in the movements of Shiba Inu whales. According to a report published by the company on X, the 150 largest crypto wallets associated with centralized exchanges, called “exchange whales”, have seen their supply decrease significantly. “Exchange whales now hold 5.53 billion fewer memecoin tokens than about a month ago,” the Santiment report specifies.

Conversely, “non-exchange whales”, which are the 150 largest autonomous wallets, have absorbed these tokens. Their holdings have increased by approximately 6.57 billion SHIB during the same period. This dynamic suggests that investors prefer to transfer their tokens to autonomous wallets for long-term storage, rather than keeping them on centralized crypto exchanges for short-term trading.

🐳😼 Shiba Inu had a mini decoupling from other altcoins over the weekend and is up a modest +5% in the past 48 hours. Holders will be pleased with the fact that non-exchange whales continue accumulating, while exchange whale bags are shrinking. 👌 pic.twitter.com/U5Ud5LfBUp

— Santiment (@santimentfeed) July 9, 2024

Potential Consequences for the Price of SHIB Crypto

The change in whale behavior could indicate a positive development for Shiba Inu. Generally, when investors transfer their tokens off crypto exchanges, it suggests an intention to hold them long-term. This move reduces the sell supply in the market, which can potentially exert upward pressure on the price of the SHIB crypto, especially if demand remains constant or increases.

The timing of this accumulation is also significant. Indeed, it comes as the price of SHIB has dropped by nearly 28% over the past month, now trading around $0.00001639. This accumulation could thus indicate that whales see these price levels as attractive entry points, anticipating a future recovery of the memecoin.

In summary, the recent movements of Shiba Inu whales offer an intriguing insight into market dynamics and possible SHIB price developments. As these large holders seem to bet on a future rise, the crypto market remains attentive to any indication of a trend change.