- The 150 largest SHIB custodians added a cumulative 6.54T SHIB during the month.
- The plummeting exchange reserves show a new trend among SHIB holders.
- The launch of the Ether Spot ETF is expected to help SHIB’s recovery process.
Shiba Inu (SHIB) stood out from the rest of the altcoins this past weekend. As the new week began, SHIB provided relief to investors with a mini-rebound rally of 5% over the past 24 hours.
SHIB Exchange Reserves Reduced by 5.53 Trillion
SHIB has yet to recover the $0.00002 support level due to its strong price correlation with Bitcoin (BTC). The major digital asset continues to face turmoil as the German government sells off its BTC treasury. On a brighter note, blockchain statistics provider Santiment calculates that Shiba Inu exchange holdings have decreased by 5.53T.
Major cryptocurrency players, also known as whales, tend to use centralized cryptocurrency exchanges (CEXs) to sell their tokens. A decrease in large SHIB holdings on cryptocurrency exchanges could increase the confidence of large investors in SHIB.
Will SHIB Get a Boost from an Ethereum Spot ETF?
While Shiba Inu exchange holdings continue to decline, on-chain crypto whales continue to accumulate in their own custodial wallets. According to Santiment data, whales using non-exchange wallets have amassed a total of 6.57T Shiba Inu tokens in the past month.
The confidence of large investors has contributed to the optimism about the price direction of Shiba Inu, with market analysts including SHIB in the list of the top 10 most promising cryptocurrencies in relation to the upcoming Ethereum spot ETF.
The already approved Ether exchange-traded fund (ETF) product is incredibly important to SHIB. Memecoin was launched as an ERC-20 token on the Ethereum blockchain before launching its own Shibarium Layer-2 public chain.
The Ether Spot ETF product suite was approved on May 23, 2024 and is set to launch in the United States. The U.S. Securities and Exchange Commission (SEC) has asked market participants to amend and change their Ether ETF filings by July 8, dashing hopes for a July launch. At the time of writing, SHIB is trading at $0.00001669, up slightly by 2% in the last 24 hours.
On the other side
- While the number of cryptocurrency wallets is increasing, Shiba Inu’s social metrics are showing a decline in the list of members on several official channels.
- To show the sobering social media trends, SHIB’s official Telegram channel has grown from 90,000 subscribers in early 2024 to the current 851,300 subscribers.
Why this matters
During a major bear market, cryptocurrencies gain strength when separated from other altcoins, as sovereign price movements are usually driven by the actions of large holders or community initiatives.
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