Shiba Inu Whales Increase Purchases Despite Price Dip
Shiba Inu: What do SHIB Whales Know That We Don’t?
It seems that the so-called “whales” – large investors in the cryptocurrency Shiba Inu (SHIB) – have recognized an opportunity in the recent weakening of SHIB, encouraging them to buy the dip.
SHIB Whales Continue to Buy
According to a post by Scopescan from January 9, a whale has withdrawn more than a trillion SHIB tokens from various exchanges. At the current market value, the withdrawn amount equals $10.2 million. This whale appears to have recognized an opportunity in SHIB’s weakening, encouraging him to buy the dip. As they own a large portion of a crypto’s circulating supply, whale investors significantly contribute to price changes through their transaction activity. An increase in whale ownership typically indicates a long-term bullish trend.
SHIB Continues to Move Away from Exchanges
The combined SHIB balance of the top addresses off-exchange has recorded a steady upward trend over the past few months. This despite the fact that prices have fallen by more than 8% over the same period. Moreover, the supply off-exchange has increased during this time. This strengthens the HODLing and accumulation narrative of SHIB.
However, it remains to be seen whether interest in Bitcoin will shift to memecoins, which are often and rightly perceived as risky assets. Interestingly, the market sentiment of SHIB has entered the positive zone in the last two days. The excitement around the spot ETF seems to be the only plausible reason for this.
Sources:
Scopescan, Santiment
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