- The supply of top non-exchange addresses has been steadily increasing recently.
- The dog-themed token has lost more than 10% of its market value over the past week.
Popular memecoin Shiba Inu (SHIB) continues to struggle even as the rest of the cryptocurrency market looks forward to a historic day.
Using CoinMarketCap data, AMBCrypto revealed that dog-themed tokens have lost more than 10% of their market value over the past week. At the time of this writing, hands were exchanging hands. $0.000009532.
To be fair, most altcoins and memecoins have seen capital outflows over the past week. With the approval of the spot Bitcoin (BTC) ETF imminent, investors have started moving their funds into Kingcoin.
But whale investors clearly sensed something we don’t yet know.
Whales continue to accumulate SHIB.
According to a January 9th post by
Based on current market value. The withdrawal amount amounted to $10.2 million.
Whale 1.08T recovered $SHIB ($10.27M) occurred on CEX in the last 24 hours https://t.co/itytSdAKRJ https://t.co/KBuM5dD0Iu
— 0xScope(@ScopeProtocol) January 9, 2024
This whale may have sensed an opportunity in SHIB’s slump and encouraged buying the dip.
Whale investors own a significant portion of the circulating supply of a cryptocurrency and therefore significantly contribute to price changes through their trading activity. An increase in whale ownership usually indicates a long-term bullish trend.
Therefore, this recent acquisition has fueled speculation that the outlook for memecoin will improve in the short and medium term.
AMBCrypto took a closer look at SHIB’s accumulation trends using data from Santiment.
SHIB continues to move away from exchanges.
The SHIB balances of the top non-exchange addresses have continued to rise steadily over the past month. This was despite prices falling by more than 8% during the same period.
Moreover, this time, supply outside the exchange also increased. This reinforced SHIB’s narrative of HODLing and accumulation.
Source: Santiment
Perhaps the whales were pinning their hopes on a broader market boom through ETF approval.
Read SHIB’s 2024-25 Price Forecast
However, it remains to be seen whether interest in Bitcoin will spread to memecoins, which are often perceived as risky assets.
Interestingly, market sentiment for SHIB has entered positive territory over the past two days. Hopes for a spot ETF seem to be the only plausible reason to push for this.
Source: Santiment