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While Shiba Inu saw a brief bullish comeback, the accumulation of over 503 billion SHIB from exchanges by whales may hint at an impending aggressive wave.
Within the last 24 hours alone, the trend of Shiba Inu withdrawals from centralized exchanges has gradually picked up momentum.
503.94B Shiba Inu Withdrawn from Exchanges
In an update today, the crypto surveillance account Lookonchain called attention to the activity of a prominent Shiba Inu whale. The investor under scrutiny withdrew approximately 58.08 billion SHIB tokens from Binance about ten hours ago.
Meanwhile, just 21 hours ago, another whale transferred over 445.87 billion SHIB tokens from American exchange Robinhood to a private wallet.
Collectively, whales have been spotted moving out 503,945,153,661 (503.9 billion) Shiba Inu from exchanges within the last 24 hours. These tokens command a monetary value exceeding $13.4 million.
Shiba Inu Price Action
The timing of these massive transactions adds to the intrigue surrounding the whales’ actions. Specifically, this accumulation from centralized exchanges occurred amid Shiba Inu’s mini-bull run.
Shiba Inu had exhibited lackluster performances until the last 48 hours when it reclaimed a two-month high of $0.00002933. Meanwhile, the Shiba Inu bulls have encountered opposition during the advance to the $0.00003 level.
While SHIB established an intraday high of $0.00002844, it has lost most of the daily gains in light of the ongoing price correction spearheaded by Bitcoin bears. At the time of reporting, SHIB had touched a low of $0.00002569 before settling at $0.0000268.
Essentially, following Shiba Inu’s recent gains, whales move to drain from the supplies available on exchanges, which could trigger further bullish rides for the meme coin.
Diminishing Shiba Inu Reserve on Exchanges
Notably, this recent withdrawal aligns with the trend observed over the past few months, in which SHIB reserves on centralized exchanges have diminished.
CryptoQuant data shows a 10-month downtrend in SHIB’s exchange supply, suggesting a buildup of scarcity that could lead to price appreciation if demand persists.
The exchange supply peaked at 191 trillion SHIB in March 2022 and has since decreased to about 150 trillion.
Historical patterns suggest that a drop in available SHIB on exchanges can precede price rallies, as seen in late February when a supply decrease led to a significant price increase by early March.