Supply Drop Of SHIB, LINK, & ETH Hints Bullish Market Ahead!

Chainlink, Shiba Inu, and Ethereum are among the top 15 cryptocurrencies globally in terms of market capitalization. The global crypto market cap is $2.43 Trillion, where Ethereum ranks 2nd, Shiba Inu ranks 11th, and Chainlink ranks 15th in terms of market cap, per CoinMarketcap. 

Ethereum’s market cap stands at $421.021 Billion, the Shiba Inu market cap stands at $12.590 Billion, and the Chainlink market cap is $9.031 Billion at press time.

Top Whale Wallets Decreased for Shiba Inu, Chainlink, and Ethereum

According to the sentiment feed, the top 10 exchange wallets on the Shiba Inu, Chainlink, and Ethereum networks diminish their supplies on exchanges, respectively. Since May 27th, their holdings have shrunk by -2.4% in SHIB, LINK: -2.9% in LINK, and -8.6% in ETH.

Tweet post By Santiment | By X Platform

However, this decreasing exchange supply does not indicate pessimism. Instead, it is a good sign for bullish traders. It implies that fewer coins would be available for trading. Thus, this scarcity could possibly lead to an increase in these asset prices if demand remains increased.

Investor Behavior and Market Dynamics:

A reduction in exchange holdings pattern in these trio of assets indicates that investors are moving their assets to private wallets for long-term holding. Hence, this accumulation is indeed a sign of confidence in Link, ETH, and SHIB’s market.

According to the witnessed market dynamics in the crypto realm, in a bullish market scenario, the demand for assets surpasses the supply, which results in upward price trends. 

Thus, the decrease in the exchange supplies is aligned with this dynamic, suggesting the market could move toward a bullish phase. Therefore, investors and traders should stay alert and cautious and avoid FOMO (DYOR).

Overall, the official tweet of Santimentfeed on X interprets that the reduction in holdings of exchange is viewed generally as a positive sign that could lead to an increase in these cryptocurrencies’ price value in future sessions. Therefore, Santimentfeed’s hypothesis appears bullish for traders (DYOR) who are optimistic about the future price movements of LINK, SHIB, and ETH.

A Glimpse of Chainlink (LINK), Shiba Inu (SHIB), and Ethereum (ETH) Price Performance

Chainlink (LINK) had been in a decline mode from the $19 resistance and has declined above 20% in the last 14 days. It has traded at $15.379 at press time with an intraday gain of 1.63%.

Shiba Inu (SHIB) has been down by 30% in the last 14 days after facing a decline of $0.00002950. It has traded at $0.00002163 at press time with an intraday gain of 1.75%.

Ethereum (ETH) has plummeted from the $3960 peak resistance, and its price has decreased by more than 9%. At press time, it has traded at $3517.1 with an intraday surge of 1.40%.

All these three crypto assets are gaining in the intraday session, highlighting that the accumulation has started.

Summary

Chainlink, Shiba Inu, and Ethereum are among the top 15 cryptocurrencies in terms of market capitalization. Ethereum ranks 2nd, Shiba Inu 11th, and Chainlink 15th on the CoinMarketCap ranking. Their market caps are $421.021B, $12.590B, and $9.031B, respectively. Santimentfeed’s tweet positively views the reduction in exchange holdings, indicating potential price increases for LINK, SHIB, and ETH.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.