SHIB whales are on the move – What’s brewing?

Journalist

Posted: December 24, 2023

• Over 11 trillion SHIBs have left exchanges in the last eight months.
• The SHIB price uptrend came to a stop with a decline of over 2%.

Shiba Inu [SHIB] has experienced noteworthy price fluctuations in recent weeks. However, the shifts observed in certain on-chain metrics over the past couple of months have proven even more interesting.

These changes can be attributed to the significant accumulation volume in the last few months.

Whales embark on Shiba Inu accumulation

In recent days and months, there has been a notable accumulation of Shiba Inu by both new wallets and whales.

A recent post by Lookonchain showed this. Notably, Justin Sun has been identified as one of the holders accumulating SHIB.

Sun made a significant withdrawal of 577 billion SHIB worth over $6 million. This was withdrawn from Binance on 18th and 19th December, according to Etherscan.

Additionally, two other whales withdrew significant amounts. One whale took out 850 billion SHIB (around $7.5 million) and another withdrew 543.3 billion SHIB (around $5.8 million).

A fresh wallet also participated in this trend, withdrawing over 237 billion SHIB, worth around $2.56 million on 22nd December.

These withdrawals collectively suggest a prevailing trend of accumulation. How has this activity impacted the overall supply of SHIB on exchanges?

Shiba Inu supply on exchanges

Upon initial observation, a noticeable decrease in the supply of Shiba Inu on exchanges could be seen. An analysis of the Santiment chart reveals a consistent decline since around April.

To quantify this reduction, the volume has reduced from over 80 trillion in October to around 78.2 trillion. Looking further back to April, the contrast is even more pronounced, with a volume of over 89 trillion.

Source: Santiment

This decline in exchange supply strongly correlates with the accumulation trend identified on Etherscan. The significant impact on the exchange supply suggests a pattern commonly observed when the market is gearing up for a bullish trend or a potential bull run.

 Read Shiba Inu (SHIB) Price Prediction 2023-34

The SHIB price trend

The daily timeframe chart showed a disruption in the streak of price uptrends for Shiba Inu. A closer examination of the chart showed a three-day consecutive price increase for SHIB, notably with a 4.70% rise observed on 22nd December.

However, the current status at the time of writing showed a more than 2% decrease in value. Interestingly, despite this decline, the Relative Strength Index (RSI) showed it was still in a bullish trend.