Shiba Inu investors have pulled massive amounts of tokens from cryptocurrency exchanges in recent days. The withdrawal trend signals growing confidence in the meme coin’s future performance.
Data from CryptoQuant shows over 250 billion SHIB tokens left exchanges following a week of minimal trading activity. Monday alone saw an even larger movement, with 450 billion tokens withdrawn by holders.
Large Wallet Activity Raises Questions
Blockchain analytics platform Arkham Intelligence tracked notable whale activity during this period. An unidentified wallet moved 61.6 billion SHIB tokens through Coinbase in a round-trip transaction. The total value reached approximately $500,000.
The unusual deposit-and-withdrawal pattern creates speculation about investor intentions. Two scenarios emerge from this behavior. The wallet holder either conducted a deliberate fake-out maneuver or experienced a sudden change in strategy before executing a sale.
Such large transactions often provide clues about market sentiment. Whale movements can influence retail investor decisions and overall price action. The quick reversal of the Coinbase deposit adds intrigue to current market dynamics.
Current Price Action Shows Minor Decline Despite Withdrawal Trend
Shiba Inu’s price performance remains closely tied to overall crypto market conditions. Bitcoin and Ethereum movements often influence meme coin behavior. Correlation between major assets and SHIB persists across market cycles.
At the time of writing, SHIB trades at around $0.00000773, suggesting a 0.33% decline in the last 24 hours.
Source: https://coinpaper.com/14088/shiba-inu-price-gains-momentum-as-700-billion-tokens-exit-exchanges