Shiba Inu (SHIB) Whales Continue Exchange Outflows: Is SHIB About to Rally?
Shiba Inu whales have recently seen a large outflow from exchanges, which could be bullish for SHIB’s price.
Shiba Inu’s non-exchange holders have absorbed these coins, as their holdings grew by about 6.57 trillion SHIB in the same time window.
Typically, investors keep their coins on exchanges when they plan to trade short-term, so the exchange holdings are considered the sellable supply of Shiba Inu.
Therefore, the recent trend of exchange giants outflowing coins to self-custodial investors who may plan to hold for the long term could be a positive development for SHIB.
The past month has been a tough one for investors in the cryptocurrency space, and SHIB holders are no exception. During this time, the memecoin’s price has fallen by nearly 28%, and it is currently trading at around $0.00001639.
