The surge in Shiba Inu (SHIB) and whale transactions has caught the attention of cryptocurrency enthusiasts. At the moment, the value of Shib is declining.
The surge in Shiba Inu (SHIB) and whale transactions has caught the attention of cryptocurrency enthusiasts. At the moment, the value of Shib is declining. The price is currently hovering around $0.00002. This could potentially be a crucial support level. If it goes below this, the value can fall. Even below the previous low, Shib recently touched a low of $0.00002101, a sure sign of decline. Whales are probably transferring their holdings to private wallets and accumulating SHIB.
Shiba Inu: Whale Actions Implication
There are two main theories for whale holdings decrease on exchanges. Trade analysts’ first prediction is about whales transferring their holdings to private wallets and accumulating SHIB. This shows whales’ trust in SHIB and a potential price increase prediction of SHIB in the future.
Another possibility is that whale holders are not transferring their SHIB to different wallets to sell but use SHIB instead for staking.
Shiba Inu: SHIB’s Market Sentiment
Shiba Inu is currently trading at a significant low of around $0.00002047. This represents a decline of over 15% compared to the previous week. According to a report by Santiment trade analyst company, since May 27, whale holdings across the top 10 exchanges have seen a 2.4% decrease.
Whale have noticed this drop about SHIB held on cryptocurrency exchanges. This sentiment data reveals an exciting trend in Shiba Inu (SHIB) exchange supply. These exchanges act like a market where investors can buy and sell their cryptocurrencies. SHIB supply on exchanges rose to monthly highs in (early) mid-May.
During this period investors will be selling or depositing shibs on the exchanges. However, exchange holdings have declined significantly in late May. As of June 12, exchanges held 164.63 trillion SHIB coins (down from peak). Furthermore, the accumulation trend after March 2024 data shows a significant increase in the number of wallets holding SHIB coins between 10,000 and 10 million to 36,281.
This increase has prompted new investors or existing investors to increase their SHIB holdings. The cryptocurrency market works with Bitcoin (BTC). If the price of Bitcoin (BTC) falls, it can also lead to a drop in other cryptocurrencies along with Shib. The cryptocurrency market is not inherently stable. Therefore, the value of Shib can fluctuate.
Also Read: Shiba Inu price hike of 30%?
