On-chain
data
shows
the
Shiba
Inu
whales
have
been
making
large
outflows
from
exchanges
recently,
a
sign
that
could
be
bullish
for
SHIB’s
price.
Large
Shiba
Inu
Exchange
Wallets
Have
Been
Losing
Supply
Recently
In
a
new
post
on
X,
the
on-chain
analytics
firm
Santiment
has
discussed
the
trend
forming
in
the
holdings
of
the
Shiba
Inu
whales.
The
analytics
firm
has
divided
these
humongous
holders
into
two
cohorts:
exchange
whales
and
non-exchange
whales.
The
exchange
whales
refer
to
the
150
largest
wallets
on
the
network
that
are
affiliated
with
a
centralized
exchange.
Similarly,
the
non-exchange
whales
are
the
top
150
self-custodial
wallets.
Below
is
the
chart
shared
by
Santiment,
which
shows
how
the
total
supply
held
by
these
groups
has
changed
over
the
last
few
months.
The two metrics appear to have gone opposite ways in recent weeks | Source: Santiment on X
As
displayed
in
the
above
graph,
the
top
150
exchange
wallets
have
recently
seen
their
supply
drop
sharply.
More
specifically,
the
exchange
whales
now
hold
5.53
trillion
fewer
tokens
of
the
memecoin
than
around
a
month
ago.
It
would
appear
that
the
Shiba
Inu
non-exchange
whales
have
absorbed
these
coins
as
their
holdings
have
grown
by
around
6.57
trillion
SHIB
within
the
same
window.
Since
this
amount
is
more
than
the
withdrawals
from
the
top
150
exchange
wallets,
it
would
even
look
like
these
self-custodial
investors
have
also
picked
up
some
coins
from
smaller
hands.
Generally,
investors
hold
their
coins
on
exchanges
when
they
plan
to
participate
in
trading
shortly.
As
such,
the
supply
sitting
on
exchanges
can
be
looked
at
as
the
available
sell
supply
of
Shiba
Inu.
Thus,
the
recent
trend
of
the
exchange
whales
losing
coins
to
self-custodial
investors
who
may
be
planning
to
hold
on
for
the
long
term
can
be
a
positive
development
for
SHIB.
The
timing
of
these
outflows
may
be
especially
uplifting,
as
they
have
come
while
the
price
of
the
memecoin
has
been
sliding
down.
The
accumulation
naturally
shows
that
the
whales
believe
the
recent
lows
to
have
been
profitable
entry
points
into
the
asset.
It
now
remains
to
be
seen
whether
the
confidence
from
these
humongous
holders
would
pay
off
and
SHIB
would
finally
break
away
from
its
bearish
trend
to
start
on
a
fresh
surge.
SHIB
Price
The
past
month
has
been
a
poor
time
for
investors
around
the
cryptocurrency
sector,
and
SHIB
holders
haven’t
been
any
different
as
the
memecoin’s
price
has
gone
down
almost
28%
in
this
period,
now
trading
around
$0.00001639.
The
chart
below
shows
the
trajectory
of
Shiba
Inu
in
the
last
thirty
days.
Looks like the price of the coin has observed a decline over the last few weeks | Source: SHIBUSD on TradingView
Featured
image
from
Dall-E,
Santiment.net,
chart
from
TradingView.com
Go to Source
Author: Keshav Verma
