Whales Shift Behavior as Shiba Inu (SHIB) Market Sentiment Changes
- PHPzOriginal
- 2024-07-16 19:59:49441browse
Recent data from Santiment shows a notable shift in the Shiba Inu (SHIB) market, with whale behavior indicating a change.
Recent data from Santiment shows a notable shift in the Shiba Inu (SHIB) market, with whale behavior indicating a change.
As per the data, over the past month, the 150 largest nonexchange SHIB wallets have added 6.57 trillion more coins, while the top 150 exchange wallets have reduced their holdings by 5.53 trillion coins.
This showcases a net flow of SHIB tokens being withdrawn from exchanges by large holders, highlighting increasing confidence among nonexchange whales who are growing their Shiba Inu holdings as exchange whales decrease theirs.
This trend is viewed positively by the community, as it may strengthen overall market sentiment and reduce the risk of sudden sell-offs.
However, it is worth noting that despite the large-scale withdrawal of SHIB tokens from exchanges, the meme coin has not received much attention in the market recently.
In fact, among the top five meme tokens, SHIB ranks last in terms of trading volume over the past 24 hours.
This lack of attention from traders could be impacting the price of SHIB, which has remained relatively flat over the past month.
According to Santiment's analysis, this behavior among large holders and the lack of attention on SHIB could be presenting an opportunity for those interested in accumulating the meme coin.
Whether this accumulation foreshadows some major price movement for SHIB in the near future is perhaps the most interesting question right now.
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