Top 10 wallets of SHIB, ETH, and LINK have reduced their holdings on exchanges.
Santiment said that since May 27, SHIB wallets have reduced supply by 2.4%.
LINK and ETH wallets decreased their supply by 2.9% and 8.6%, respectively.
Santiment, a leading blockchain analytics firm, reports a notable trend among the largest Shiba Inu holders. The top 10 wallets have significantly reduced their holdings on cryptocurrency exchanges, signaling a potential shift towards long-term investment strategies and bullish sentiment for the popular meme token.
This trend suggests these whales are opting to HODL, not fold, signaling a bullish outlook for Shiba Inu.
In an X post Santiment noted that since May 27th, the holdings of the top 10 wallets for Shiba Inu on exchanges have shrunk by 2.4%, which “should be considered a good sign for bullish traders.”
Similar trends were observed for Chainlink (LINK) and Ethereum (ETH). Santiment also noted that the top 10 wallets for LINK and ETH have decreased their supply on exchanges since May 27 by 2.9% and 8.6%, respectively.
Such a precipitous maneuver suggests investors are transferring their holdings to private wallets for long-term holding. This basically shows that the investors are more confident in the digital asset’s future price; in this case, the investors being the top 10 wallets.
Meanwhile, SHIB, ETH, and LINK have not performed quite well in the past seven days, dropping by 15.1%, 8.2%, and 11.9%, respectively, as per the data from CoinGecko. Further, SHIB was down 7.6% in the past 30 days, while ETH and LINK went up 20.6% and 18.4%, respectively, with chances of additional gains as well. It is also worth noting that Shiba burns are on the rise, which can lead to a potential surge in demand for the second-largest meme coin in the digital asset by market capitalization.
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