Shiba Inu Alert: Crypto Intelligence Platform Advises Close Monitoring

Bullish Outlook: Shiba Inu (SHIB) Coin Could See Substantial Gains, Expert Believes

Santiment, a prominent market intelligence platform, has identified Shiba Inu as a noteworthy token to monitor. This comes as significant holders, known as whales, are transferring their coins away from exchanges during the ongoing bull market.

In a recent tweet, Santiment highlighted the growing momentum in the altcoin market. It cited impressive rallies in tokens like Solana (SOL) and Cardano (ADA), reaching new yearly highs. 

Notably, ADA surpassed $0.65, a level not seen in 17 months. Solana is heading towards $100 with a remarkable 400% growth in under four months. 

Santiment’s positive outlook suggests a potential uptrend for Shiba Inu, aligning with the uptrend observed in other cryptocurrencies.

Reasons to Keep an Eye on Shiba Inu

Santiment’s latest update urges crypto enthusiasts to closely monitor Ethereum (ETH), Shiba Inu (SHIB), Fetch.ai (FET), and Dent (DENT). The platform highlights a noteworthy trend involving the movement of coins from whales. This is particularly observed in the top ten exchange wallets experiencing substantial withdrawals. 

Santiment emphasises the historical significance of such a trend. It is traditionally regarded as a bullish indication, as whales historically move tokens onto exchanges in preparation for sell-offs. 

Examining the past 90 days, Santiment’s data reveals a $778.7 million (4.3%) reduction in holdings for the top ten Ethereum wallets. In August, the leading exchange held approximately 8.32 million Ethereum tokens, which are now decreasing to 7.79 million ETH.

Similarly, Shiba Inu’s top ten whale wallets exhibit a $54.6 million (2.7%) reduction in their SHIB portfolio. Fetch.ai and Dent also experienced substantial decreases, with a $48.2 million (26.1% drop) and $867.5 thousand (1.5% drop) reduction, respectively.

Consequently, Santiment concludes that Ethereum, Shiba Inu, and Fetch.ai and Dent present promising bullish signs. In the last 24 hours, SHIB has demonstrated a 1.36% gain, reaching $0.00001044, per CoinMarketCap data.

Read Also: Shiba Inu, Pepe Coin, and Bonk Gain Major Listing on Indonesian Exchange 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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