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The community has always backed Shiba Inu (SHIB) in times of need, and it appears that whales are coming to the rescue again. Although the popular meme coin had a good run in the last few weeks, it is still stuck in an extended consolidation phase, which seems far from over. But large holders have emerged, and things are expected to reverse from there.
Shiba Inu is currently in an ideal buying phase, thanks to the ongoing sideways movement. While some may still be pessimistic about the current situation, whales have started to jump on the SHIB bandwagon. They are buying the dips as the meme coin is trading on the lows and a trend reversal is expected.
Whales offloaded more than 621 billion SHIB tokens from crypto exchanges on Sept. 23, according to the latest data from CryptoQuant. This is among the highest exchange outflows for the coin in the last two weeks. The total value of these transfers, per the current SHIB price, is worth around $9.11 million.
What does it mean for SHIB price?
If history is any guide, the Shiba Inu price tends to go higher following massive exchange withdrawals. It is expected that the market may witness some gains this time as well. However, there may not be a massive price rally as it depends on a multitude of other factors as well. The community may still rejoice if SHIB sees a minor price increase.
As of press time, the popular meme coin is trading at $0.0000147 after a minor price increase of 0.95% in the last 24 hours. Notably, the price is up 10.26% over the last seven days following a broader recovery on the crypto market. With these latest moves from SHIB whales, it is expected that the coin may target the next highs.