Shiba Inu Surge: Whale Moves Signal Market Resilience

Shiba Inu Surge: Whale Moves Signal Market Resilience

In the past 24 hours, whale addresses have initiated substantial movements in the Shiba Inu token market, with over 1.3 trillion tokens transferred. Notably, these Shiba Inu transactions include transfers both within unknown wallets and to cryptocurrency exchanges.

During this period, investors have withdrawn a significant amount of Shiba Inu tokens from exchanges, totaling 705 billion. This trend suggests a positive sentiment among investors, as they opt to hold their tokens in self-custodial solutions, thus reducing selling pressures.

Shiba Inu Highest Flows in 24H | Arkham Intelligence

Major Exchange Outflows

Several large transactions have been identified, indicating significant withdrawals from exchanges. Notably, Coinbase witnessed the largest outflow, with 343.5 billion SHIB tokens, valued at $7.92 million, moved out of its hot wallet.

Related article: Shiba Inu Shines: A Spotlight on Its Ascension in the Crypto Market

Transactions from other platforms include the transfer of 100 billion SHIB worth $2.31 million from a B2C2 wallet and 88.1 billion SHIB to Robinhood. Additionally, Kraken experienced outflows totaling 174.1 billion SHIB, valued at $3.99 million, from its wallets.

Shiba Inu Exchange Flows | Arkham Intelligence

Despite recording consecutive days of inflows from May 6 to 8, exchanges have seen a total outflow of 120.8 billion Shiba Inu tokens this month. This trend reflects a shift towards holding tokens outside exchange platforms.

Previous Whale Activities

Recent whale movements, like acquiring 1.75 trillion SHIB from Robinhood on May 1 and procuring 184 billion SHIB from exchanges by three new wallets last month, were also noted.

Related article: SHIB Burn Surge Sparks Speculation: What’s Next for Shiba Inu?

These exchange withdrawals coincide with Shiba Inu’s efforts to recover from recent losses. Currently trading at $0.00002347, SHIB has seen a 3.3% increase over the past 24 hours, surpassing Bitcoin’s 2.65% gain. The withdrawal of tokens from exchanges could potentially contribute to further price recovery.

Recent whale movements and exchange withdrawals in the Shiba Inu market suggest a changing investor sentiment towards self-custodial solutions, potentially impacting the token’s price amidst broader market shifts.

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.

Share this :