Shiba Inu Whales Accumulate 503.9 Billion SHIB in 1 Day

Shiba Inu Whales Accumulate 503.9 Billion SHIB in 1 Day

Shiba Inu recently experienced a brief bullish comeback, with whales accumulating over 503 billion SHIB from exchanges, hinting at a potential aggressive wave. Within the last 24 hours, Shiba Inu withdrawals from centralized exchanges have gained momentum. According to the crypto surveillance account Lookonchain, a prominent Shiba Inu whale withdrew approximately 58.08 billion SHIB tokens from Binance about ten hours ago. 

Furthermore, another whale transferred over 445.87 billion SHIB tokens from Robinhood to a private wallet just 21 hours ago. Collectively, whales moved 503,945,153,661 (503.9 billion) Shiba Inu from exchanges within 24 hours, totaling a monetary value exceeding $13.4 million.

Shiba Inu Price Action

These massive transactions come amid Shiba Inu’s mini-bull run, adding to the intrigue surrounding whale activities. Shiba Inu recently reclaimed a two-month high of $0.00002933 after a lackluster performance. However, the advance to the $0.00003 level encountered opposition. 

Related article: SHIB Knight’s Bold Prediction: Shiba Inu to Reach $0.00006 Soon

Despite an intraday high of $0.00002844, SHIB lost most of its daily gains due to an ongoing price correction led by Bitcoin bears. Currently, SHIB has touched a low of $0.00002569 and settled at $0.0000268. Following these recent gains, whales’ actions to withdraw from exchange supplies could trigger further bullish trends for the meme coin.

Diminishing Shiba Inu Reserve On Exchanges

This recent withdrawal aligns with a trend over the past few months of diminishing SHIB reserves on centralized exchanges. CryptoQuant data shows a 10-month downtrend in SHIB’s exchange supply, suggesting increasing scarcity that could lead to price appreciation if demand continues.

Related article: Shiba Inu’s Shibarium Accelerates Ethereum Bridge Time

The exchange supply peaked at 191 trillion SHIB in March 2022 and has since decreased to about 150 trillion. Historical patterns show 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.

The accumulation of 503.9 billion SHIB by whales and the decreasing supply on exchanges signal a potential bullish wave for Shiba Inu.

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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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