The Shiba Inu (SHIBUSD) community has always been supportive of the coin during tough times, and it looks like the whales are coming to our rescue once again. Despite the good performance of the popular meme coin in recent weeks, it is still stuck in a long-term consolidation phase that seems far from over. However, the whalesâ moves have been prominent, and a reversal is expected soon.
Shiba Inu is currently in a perfect buy mode, thanks to the ongoing sideways movement. Despite some optimism, major holders have started to join the Shiba Inu bandwagon, buying the dips as the coin trades at its lowest levels, signaling a reversal in the trend.
According to the latest data from CryptoQuant, whales sold over 621 billion SHIB tokens from exchanges on September 23, marking one of the highest cryptocurrency outflows in the past two weeks. The total value of these transfers is around $9.11 million, based on the current SHIB price.
What does this mean for the price of Shiba Inu?
If history is any indication, the price of Shiba Inu tends to rise after large withdrawals from the exchange, and the market is expected to see some gains this time as well. However, there may not be a huge price increase, as it depends on many other factors. However, the community may rejoice if Shiba Inu sees a slight price increase.
As of press time, the popular meme coin is trading at $0.0000147, after a slight increase of 0.95% over the past 24 hours. It is worth noting that the price has gained 10.26% over the past seven days as a result of the broader recovery in the cryptocurrency market. With the recent moves from SHIB whales, the coin is expected to target further gains in the coming period.
