While the price of Shiba Inu (SHIB) has been struggling lately, whales may have been accumulating the meme coin.
The broader altcoin market hit a local top in late December. However, whales with strong convictions utilize the opportunity of dips to accumulate their favorite asset.
According to the on-chain analysis platform Spotonchain, a fresh whale wallet, withdrew over 546.342 billion SHIB tokens. As of writing, the whale’s portfolio is worth over $5 million, consisting entirely of SHIB.
Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
Moreover, Spotonchain has been tracking five SHIB whales, including the Tron founder – Justin Sun. Spotonchain commented:
“We noticed that over the past 1.5 months, there have been 5 whales (including Justin Sun) withdrawing 2.742T SHIB ($25.2M) at an average price of $0.0₅921 from Binance. Currently, the whales still hold all of their SHIB tokens, now only worth $24.9M.”
Also, the SHIB exchange reserves have been in a downtrend since December 16. On December 16, the exchanges had a reserve of over 166 trillion SHIB tokens. However, as of writing, the reserves have declined by over 4% to 159 trillion.
If the exchange reserves increase, it indicates a high selling pressure. However, a declining reserve points towards the possibility of accumulation.
Read more: 11 Best Shiba Inu (SHIB) Wallets in 2023
The price of SHIB has declined by nearly 30% from the December top. However, the screenshot below shows that SHIB is trading 8.80% higher than Sunday’s low as of writing.
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The post Shiba Inu (SHIB) Reserves on Exchanges Drop 4% as Whales Continue to Accumulate appeared first on bitcoinlinux.
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Author: coinmaker
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