Shiba Inu Accumulation: Whales Pull Out $4 Million From Exchanges, Can SHIB Recover?
12 Septembre 2024 - 7:00PM
NEWSBTC
Popular meme coin Shiba Inu (SHIB) has experienced a relatively
calm period of on-chain activity in recent weeks. This calm pace
has been mirrored in the token’s price action, which has remained
largely stable without any major fluctuations. However, despite
this apparent lull, a trend of significant SHIB outflows across
various crypto exchanges has emerged this week. According to
on-chain data, 307 billion SHIB tokens were withdrawn in the past
24 hours. This mass withdrawal seems to raise curiosity, especially
since this was not an isolated event. Interestingly, this data
peaked at 2.179 trillion SHIB earlier in the week. Whales
Pull Out Millions Worth Of SHIB From Exchanges Data from
CryptoQuant shows that more than 309 billion SHIB tokens were taken
out of aggregated crypto exchanges on September 11. Taking into
account the current price of SHIB, it amounts to over $4 million.
Furthermore, the data showed that a similar amount was withdrawn
from crypto exchanges on September 10. A withdrawal peak was
registered on September 9, a day which was highlighted with 2.179
trillion SHIB tokens being withdrawn from crypto exchanges. At the
time of withdrawal, the tokens were worth approximately $29.5
million. Related Reading: End Of The Road For NEIRO? Crypto
Analyst Predicts Breakdown Below $0.13 The notable increase in
transactions is supported by similar data from IntoTheBlock (ITB).
Interestingly, this one sheds light on activity predominantly
driven by so-called “whales,” or large holders of the
cryptocurrency. ITB’s data highlights that over the past seven
days, the volume of transactions whose value exceeds $100,000 has
surged to a total of $143.68 million. While this might not be
as much during a strong bull rally, it represents an increase of
almost 60% from the previous seven-day timeframe. Such a marked
increase suggests that large holders are starting to take advantage
of the lower prices to buy the dip. Is A Shiba Inu Rally
Brewing? This sharp increase in outflows is likely to catch the
attention of SHIB investors. The implications could point to
renewed confidence in SHIB, and a bullish trend could emerge soon.
Related Reading: Why Bitcoin Retesting $57,000 Is Good For The
Price Since the beginning of September, SHIB has struggled to break
above the $0.000014 mark due to bearish pressure in the broader
crypto markets. However, bullish supporters have been largely
successful in minimizing losses and have consistently defended the
$0.000010 support level throughout the month. As of the latest
update, Shiba Inu has seen a slight price increase alongside many
other cryptocurrencies over the past 24 hours. SHIB is currently
trading at $0.00001343, reflecting a 1.5% rise. The price is
expected to rise further if the trend of strong SHIB outflows from
exchanges continues. Similarly, a sustained move above $0.000014
could push SHIB past its August high of $0.00001607 in the short
term. Featured image created with Dall.E, chart from
Tradingview.com
Flow (COIN:FLOWUSD)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
Flow (COIN:FLOWUSD)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024