According to U.Today, a significant development in the Shiba Inu (SHIB) market has caught the attention of the crypto community. This bullish move by SHIB whales aims to push prices higher, providing strong support to the Shiba Inu price, which has been struggling recently. The second-largest meme coin has seen substantial outflows from crypto exchanges, with approximately 653 billion Shiba Inu tokens withdrawn on August 1, according to CryptoQuant. This marks the largest SHIB outflow since July 19, when over one trillion coins were taken out of the market.

A rise in exchange outflows is generally seen as a positive indicator, reflecting bullish market sentiment. When crypto holders withdraw a large number of coins, such as the 653 billion SHIB tokens in this case, it suggests they intend to hold their assets for the long term. This behavior indicates that the market is not experiencing sell-offs. The reduction in the number of coins available on exchanges creates a temporary shortage, decreasing the current supply. As a result, there is no selling pressure, and market demand increases, which can eventually push the SHIB price to higher levels, especially if this trend continues.

As of this publication, the price of Shiba Inu is down 2.17%, standing at $0.00001554. Today's dip follows a similar pattern of consolidation that SHIB has been experiencing in recent days. However, the trading activity of the meme coin has seen a remarkable surge today. The 24-hour trading volume of SHIB has increased by 22.93% to $264.35 million, highlighting rising investor confidence in the market. This surge in trading activity comes at a time when Shiba Inu is witnessing increasing exchange flows, painting a clearer picture of the positive sentiment in the market.