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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Shiba Inu Accumulation: Whales Pull Out $4 Million From Exchanges, Can SHIB Recover?

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Shiba Inu

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Popular meme coin Shiba Inu (SHIB) has experienced a relatively calm period of on-chain activity in recent weeks. This calm pace has been mirrored in the token’s price action, which has remained largely stable without any major fluctuations. However, despite this apparent lull, a trend of significant SHIB outflows across various crypto exchanges has emerged this week. 

According to on-chain data, 307 billion SHIB tokens were withdrawn in the past 24 hours. This mass withdrawal seems to raise curiosity, especially since this was not an isolated event. Interestingly, this data peaked at 2.179 trillion SHIB earlier in the week. 

Whales Pull Out Millions Worth Of SHIB From Exchanges

Data from CryptoQuant shows that more than 309 billion SHIB tokens were taken out of aggregated crypto exchanges on September 11. Taking into account the current price of SHIB, it amounts to over $4 million. Furthermore, the data showed that a similar amount was withdrawn from crypto exchanges on September 10. A withdrawal peak was registered on September 9, a day which was highlighted with 2.179 trillion SHIB tokens being withdrawn from crypto exchanges. At the time of withdrawal, the tokens were worth approximately $29.5 million. 

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The notable increase in transactions is supported by similar data from IntoTheBlock (ITB). Interestingly, this one sheds light on activity predominantly driven by so-called “whales,” or large holders of the cryptocurrency. ITB’s data highlights that over the past seven days, the volume of transactions whose value exceeds $100,000 has surged to a total of $143.68 million.  While this might not be as much during a strong bull rally, it represents an increase of almost 60% from the previous seven-day timeframe. Such a marked increase suggests that large holders are starting to take advantage of the lower prices to buy the dip. 

Is A Shiba Inu Rally Brewing?

This sharp increase in outflows is likely to catch the attention of SHIB investors. The implications could point to renewed confidence in SHIB, and a bullish trend could emerge soon.

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Since the beginning of September, SHIB has struggled to break above the $0.000014 mark due to bearish pressure in the broader crypto markets. However, bullish supporters have been largely successful in minimizing losses and have consistently defended the $0.000010 support level throughout the month.

As of the latest update, Shiba Inu has seen a slight price increase alongside many other cryptocurrencies over the past 24 hours. SHIB is currently trading at $0.00001343, reflecting a 1.5% rise. The price is expected to rise further if the trend of strong SHIB outflows from exchanges continues. Similarly, a sustained move above $0.000014 could push SHIB past its August high of $0.00001607 in the short term.

Shiba Inu price chart from Tradingview.com
SHIB price still holding steady | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

 

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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