Crypto whales owning Shiba Inu withdrew 705 billion SHIB from exchanges
According to Arkham Intelligence, whales holding Shiba Inu (SHIB) have withdrawn approximately 705 billion tokens worth over $16 million from exchanges. The outflow of assets from exchanges is considered a bullish sign as it reduces selling pressure in the market. Perhaps crypto whales are expecting prices to recover soon.
Meanwhile, on the evening of May 10, SHIB lost 4% on the daily chart and 6.5% on the weekly chart. This decline is due to another plunge in the price of Bitcoin into the $60,000 range.
However, according to crypto forecasting platform CoinCodex, Shiba Inu (SHIB) could begin to rally in the coming weeks. Specifically, SHIB is expected to reach $0.00005853 on May 31, 2024, which would represent an increase of more than 150% relative to current prices.
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