Shiba Inu (SHIB) Decouples From Altcoin Market, Tries Rejuvenation as Whales Accumulate

In the crypto seas, a new tale unfolds. Shiba Inu (SHIB), the meme coin turned serious contender, has decoupled from the altcoin market.

Shiba Inu (SHIB) decoupled from the altcoin market with a 5% rise over 48 hours, as noted by crypto behavior analytics platform Santiment. The meme coin saw a net outflow from exchanges, according to CryptoQuant data, which could indicate an upcoming price surge.

The broader crypto market has faced difficulties since June, with prices hitting multi-month lows. Shiba Inu was also affected by the downturn, being down 43% from its May high of $0.00002945. However, the selling pressure has eased recently, and prices have started to stabilize, allowing Shiba Inu to begin a slight recovery. From its floor of $0.00001266 on July 5, the meme coin has recovered 33%.

Shiba Inu Attempts Rejuvination

The decoupling was highlighted by Santiment over the weekend. On Saturday, Shiba Inu posted a 16.15% intraday increase, marking its largest daily gain in four months. The last time SHIB saw such a rise was on March 4, when it surged by 59.46%. Following the 16.15% gain, SHIB dropped by 10% on Sunday but managed to hold its ground. It then started the new week with two consecutive intraday gains. According to Santiment, SHIB posted a 5% gain over 48 hours.

Whales were also active, accumulating a large amount of SHIB. According to the analysis, the 150 largest non-exchange addresses acquired 6.57 trillion SHIB in one month, bringing their total holdings to 562.84 trillion SHIB.

However, crypto exchange wallets saw a decrease in SHIB holdings. The 150 largest exchange addresses lost 5.53 trillion SHIB since mid-June, reducing their total balance to 187.1 trillion SHIB.

This trend is further supported by data from CryptoQuant. The Exchange Netflow metric for SHIB shows 24 days of net outflows in the past 31 days, with a total net outflow of 8.779 trillion SHIB. As a result, SHIB exchange reserves have dropped to 143.948 trillion, the lowest ever recorded.

According to historical observations, when SHIB reserves on exchanges drop drastically, a price surge often follows. The last time such a significant drop occurred was in February, before a 370% rally.

Shiba Inu is currently trading at $0.00001681, showing a 2.3% increase this morning. According to market analyst Javon Marks, SHIB could potentially rise to a target range of $0.000081 to $0.000089 this week.

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