Recent on-chain data suggests a bullish trend for Shiba Inu (SHIB). Large holders are moving tokens off exchanges. This could indicate a price rally on the horizon.
Santiment, an analytics firm, shared these findings on X, with an interesting addon, as they've categorized SHIB whales into two groups. According to analysts, there are exchange whales and non-exchange whales. Each group comprises the 150 largest wallets in their category.
The data paints an interesting picture. Exchange whales have significantly reduced their holdings. In just a month, they've offloaded 5.53 trillion SHIB tokens.
Where did these tokens go? It seems non-exchange whales scooped them up. These self-custodial investors increased their holdings by 6.57 trillion SHIB. They've even acquired additional tokens from smaller holders.
This shift is noteworthy. Coins held on exchanges are often primed for trading. A decrease in exchange supply could mean less selling pressure. It's a potential boon for SHIB's price.
The timing of these moves adds another layer of intrigue. These outflows occurred during a price dip. It suggests whales see the current lows as a buying opportunity.
"The accumulation naturally shows that the whales believe the recent lows to have been profitable entry points into the asset," Santiment noted.
However, the market remains uncertain and SHIB's price has taken a beating recently, which was a bit shocking to many users, especially the rookies who don't know much about crypto market volatility yet. It's down 28% in the past month, trading around $0.00001639.