- The supply of the best off-exchange addresses has been on a steady upward trend lately.
- The dog-themed token lost more than 10% of its market value over the past week.
Popular memecoin Shiba Inu [SHIB] continued to struggle even as the rest of the crypto market looked forward to a historic day.
The dog-themed token lost more than 10% of its market value over the past week, AMBCrypto found using CoinMarketCap facts. At the time of writing, there was talk of an exchange of hands $0.000009532.
To be honest, most altcoins and memecoins witnessed it capital outflow last week. With the approaching spot of Bitcoin [BTC] As ETF adoption became widespread, investors began shifting their money to King Coin.
However, whale investors have clearly noticed something we don’t know yet.
Whales continue to collect SHIB
According to a January 9 Scopescan X-post, a whale has withdrawn more than a trillion SHIB tokens from various exchanges in the past 24 hours.
According to the current market value. the amount withdrawn was $10.2 million.
A whale withdrew 1.08 tons $SHIB ($10.27 million) from CEX in the last 24 hours.https://t.co/itytSdAKRJ https://t.co/KBuM5dD0Iu
— 0xScope (@ScopeProtocol) January 9, 2024
This whale may have seen an opportunity in SHIB’s slump, encouraging him to buy the dip.
Because they own a large portion of the circulating supply of crypto, whale investors contribute significantly to price changes through their transaction activities. An increase in whale ownership generally indicates a long-term bullish trend.
Therefore, the recent hold fueled speculation about improved prospects for the memecoin in the short to medium term.
AMBCrypto took a closer look at SHIB’s accumulation trends using data from Santiment.
SHIB continues to distance itself from exchanges
The combined SHIB balance of the major non-exchange addresses has been on a steady upward trend over the past month. This despite the fact that prices fell by more than 8% in the same period.
In addition, the supply outside the stock exchanges increased during this time. This reinforced SHIB’s HODLing and accumulation narrative.
Source: Santiment
Perhaps whales are pinning their hopes on a broader market boom thanks to the adoption of spot ETFs.
Read SHIB’s price forecast 2024-25
However, it remained to be seen whether interest in Bitcoin would extend to memecoins, which are often and rightly seen as risky assets.
Interestingly, SHIB’s market sentiment has turned positive over the past two days. The excitement over spot ETFs seemed to be the only plausible reason for this.
Source: Santiment