Shiba Inu $SHIB Investors Continue to Hodge
On November 23, Glassnode data showed an increase in the number of SHIB tokens on exchanges. This coincided with the price dropping to $0.000024. However, over the past three days, Shiba Inu holders have withdrawn a total of 5.45 trillion tokens from exchanges. At the current price of the cryptocurrency, this amounts to about $162 million.
Usually, when more tokens are being supplied to exchanges than are being withdrawn, it means that most holders are ready to sell. This could negatively impact the price. Since most holders of the popular Shiba Inu memecoin are withdrawing assets from these platforms, they do not plan to sell anytime soon. If this trend continues, the price could rise soon. IntoTheBlock data also shows that some short-term SHIB hodlers have refrained from selling for the past 30 days. This data is based on the Balance by Time Held metric. When it rises, it means that most holders are still holding the asset. If it falls, then most are selling, and this is a bearish signal for the cryptocurrency.
If short-term holders of Shiba Inu continue to hold, the token should avoid significant drawdowns.
