Shiba Inu Whale Activity Jumps 15% Amid Price Dip
Shiba Inu (SHIB) has seen a significant increase in on-chain transfer volume following a local price drop to $0.00000442. The 14.86% spike in activity can be attributed to 740 whale wallets withdrawing billions of SHIB tokens from exchanges, mainly from major platforms like Robinhood, Binance, and Crypto.com.
This withdrawal activity is noteworthy as these large holders control over 94% of SHIB's supply. Unlike retail investors who have shown minimal movement, the whales opted to move their tokens to cold wallets rather than selling them on the market, reducing market supply instead.
This whale activity may signal preparation for a price breakout after a prolonged sideways trend. The withdrawal could be indicative of a strategic move by these large holders to accumulate or stabilize the token's value in anticipation of future growth.