As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find the recent trend of Shiba Inu (SHIB) outflows intriguing. The mass withdrawal of over $4 million worth of SHIB tokens in just two days is not something that usually goes unnoticed in this space.
In simpler terms, over the past few weeks, the well-known meme cryptocurrency Shiba Inu (SHIB) has seen a quiet spell in its on-chain activity. This calmness is also reflected in its price stability, as there haven’t been any significant ups or downs. However, an unusual trend of large SHIB withdrawals from various crypto exchanges has arisen this week.
Based on blockchain information, it appears that approximately 307 billion Shiba Inu coins were taken out of storage over the last day. This large-scale withdrawal has piqued interest, as it’s not typically a one-off occurrence. Notably, the highest amount of SHIB, which reached 2.179 trillion, was observed earlier in the week.
Whales Pull Out Millions Worth Of SHIB From Exchanges
On September 11, data from CryptoQuant indicates that over 309 billion SHIB tokens were removed from combined cryptocurrency exchanges, equivalent to more than $4 million at current prices. Interestingly, a comparable amount was also withdrawn on September 10. The peak withdrawal occurred on September 9, with approximately 2.179 trillion SHIB tokens being taken out, which equated to around $29.5 million at the time.
The significant rise in transactions is backed up by corresponding data from IntoTheBlock (ITB). Notably, this information reveals activity primarily fueled by “whales,” or major cryptocurrency holders. ITB’s data indicates that over the past week, the total value of transactions worth more than $100,000 has skyrocketed to an astounding $143.68 million. While this may not be a substantial amount during a powerful bull run, it represents a nearly 60% increase from the previous seven-day period. This substantial rise suggests that large holders are capitalizing on the lower prices to buy the dip.
Is A Shiba Inu Rally Brewing?
It’s quite possible that this significant decrease in inflows will pique the interest of Shiba Inu (SHIB) investors. This could signal growing faith in SHIB, leading to a potential uptrend becoming apparent shortly.
Starting from early September, Shiba Inu (SHIB) has found it challenging to surpass the $0.000014 barrier, owing to a predominant bearish trend in the wider crypto market. Yet, optimistic investors have managed to limit the losses significantly and have persistently maintained the $0.000010 support level during this period.
In the most recent development, Shiba Inu has experienced a minor price surge, much like other cryptocurrencies, over the last 24 hours. At present, SHIB is being traded at approximately $0.00001343, marking a 1.5% increase. If the current trend of significant Shiba Inu withdrawals from exchanges persists, there’s an expectation that the price could rise even more. Additionally, if the price consistently surpasses $0.000014, it might propel SHIB beyond its August peak of $0.00001607 in the near future.
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2024-09-12 20:10