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Home»ALTCOIN NEWS»Here’s why Shiba Inu saw a massive outflow on exchanges.
ALTCOIN NEWS

Here’s why Shiba Inu saw a massive outflow on exchanges.

By Crypto FlexsDecember 26, 20233 Mins Read
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Here’s why Shiba Inu saw a massive outflow on exchanges.
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Recent on-chain data shows a notable trend in the Shiba Inu cryptocurrency market. That said, a significant amount of SHIB has been withdrawn from exchanges since November, indicating a change in investor behavior.

This movement, highlighted by cryptocurrency analyst Ali, is indicated by a decline in the ‘Exchange Balance’ metric, which tracks the total SHIB held in centralized exchange wallets.


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Shiba Inu Exchange balance decreases since November

Analyst Ali’s observations sparked interest in the “balance of exchange” indicator for Shiba Inu. This indicator is very important because it tracks the total amount of SHIB in wallets on all centralized exchanges. There has been a noticeable decline in these balances since November, suggesting a change in the way investors are handling their Shiba Inu holdings.

The “Exchange Balance” indicator serves as an indicator of investor sentiment and strategy. An increase in value usually indicates that investors are depositing their Shiba Inu coins on exchanges, often for the purpose of selling. This trend could have a negative impact on the SHIB price as it suggests the possibility of increased selling pressure.

Conversely, a downward trend in this indicator, as observed since November, means that net withdrawals are occurring. Investors are moving their SHIB holdings into self-managed wallets, which is often a sign of accumulation.

This behavior can be interpreted as bullish for the cryptocurrency as it indicates decreasing selling pressure and potentially increasing holding sentiment among investors.


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Understanding these dynamics is key to analyzing the future trajectory of Shiba Inu value and its broader implications for the cryptocurrency market. As exchange balances continue to decline, it could herald a new phase of investor confidence and market maturity in SHIB.

Whales lead the market movement of Shiba Inus

One of the key indicators supporting the whale hoarding theory is that Shiba Inu prices have increased by more than 30% since these withdrawals began.

Despite this notable upward trend, the ‘Balance of Exchange’ indicator for Shiba Inu has not shown a reversal, indicating that these whales are in no rush to sell and take profits. Instead, they appear to be in an ongoing buying phase, perhaps preparing for a more significant move in the future.

Shiba Inu price dynamics illustrate this trend even more clearly. SHIB fell to the $0.0000960 level before rising 10% to reach 0.00001083. This recovery highlights the strong market interest in Shiba Inu and reflects the resilience of the broader cryptocurrency market.

An important factor to note is the reversal of Shiba Inu balances on exchanges. This change could signal a change in whale strategy and could potentially lead to a short-term price decline in meme coins.


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