Shiba Inu (SHIB) Investors Withdraw 5.45 Trillion Tokens from Exchanges: Price Stability Achieved
Over the past three days, 5.45 trillion SHIB tokens, worth around $162 million, have been withdrawn from cryptocurrency exchanges. This move suggests that selling pressure is decreasing and the SHIB price is stabilizing.
Shiba Inu (SHIB) holders have been playing a major role in the meme coin’s recent recovery. The large amount of tokens being withdrawn from exchanges indicates strong investor activity. This could allow SHIB’s price to rise above $0.000025. But how do other metrics influencing price action align with this trend?
According to Glassnode data on November 23, there was a significant increase in the number of SHIB tokens. However, this increase occurred in parallel with the token’s price falling to $0.000024. Over the past three days, Shiba Inu investors have withdrawn a total of 5.45 trillion tokens from exchanges. This withdrawal represents a movement worth about $162 million. It is usually seen that when more tokens are removed from exchanges, investors are less inclined to sell, preventing the price from being negatively affected.
Most Shiba Inu investors are not planning to sell in the short term, as they are pulling their holdings off exchanges rather than selling them, suggesting that SHIB’s price could continue to rise.
According to IntoTheBlock data, the vast majority of short-term SHIB holders have refrained from selling their tokens over the past 30 days. This data is determined by the “Balance by Time Held” indicator, and generally when the metric increases, it indicates that most investors are choosing to hold onto their SHIB. If this trend continues, the token’s price may not experience a major drop.
The fact that short-term SHIB holders continue to hold their positions suggests that there is potential for further increases in SHIB’s price. This, combined with the positive sentiment in the market, could create support for SHIB to rally towards $0.000030.