On-chain data analysis provided by NerdBot has shed light on an intriguing development within the Shiba Inu cryptocurrency ecosystem as a fresh whale withdrew 292 billion SHIB from Coinbase in the last 3 weeks.
Recent findings also indicate that new Shiba Inu wallets amassed over 18 billion tokens over the past two weeks. Coinciding with this surge in accumulation is the disclosure that exchange outflows have surpassed 120 billion SHIB.
Deep-dive into $SHIB with NerdBot at: https://t.co/4PVGtx3CF7
NerdBot noticed that Fresh Wallets have been accumulating $SHIB in the past few days.
We also noticed Fresh Whale 0xb75 withdrew a total of 292.53B $SHIB ($2.13M) from #coinbase in the last 3 weeks. pic.twitter.com/eRFFcMGavZ
— NerdBot (@0xNerdBot) October 4, 2023
Read Also: Top Crypto Tracking Platform Predicts 1,830% Shiba Inu (SHIB) Uptrend. Here’s the Timeline
NerdBot, a prominent on-chain analytical resource, has been actively monitoring the trends and behavior of the Shiba Inu community. It noticed a sustained upward trend in the accumulation of tokens among these new wallets.
While the daily accumulation rate remained relatively low, with cumulative purchases staying below 500 million SHIB between September 20 and 24, a noteworthy turning point occurred on September 25.
On this day, Shiba Inu witnessed a cumulative purchase exceeding 5 billion tokens, signifying a possible indication of investors strategizing to leverage the asset’s downturn, hopeful of an eventual rebound. This noteworthy surge followed the previous day’s rise when the token reached a price of $0.00000751, only to encounter a temporary setback.
The cumulative figure of 5 billion tokens acquired on September 25 represents the highest intraday amount observed in the last two weeks. Although the accumulation rate remained relatively consistent thereafter, it did experience a decline below the 2 billion SHIB mark.
However, as September drew to a close, the accumulation rate regained momentum, consistently surpassing the 3 billion mark from September 30 to October 2. Despite a subsequent drop, the latest data showcases a staggering accumulation of over 18 billion SHIB tokens within the past 14 days.
Further examination of NerdBot’s data uncovers a significant decline in exchange netflows, reaching the highest negative value since September 25. Exchange netflows represent the cumulative value of inflows and outflows recorded on exchanges on any given day.
Previously maintaining a positive trajectory over the past two days, netflows suddenly reversed, resulting in an outflow value of 120 billion SHIB. This trend indicates a bullish sentiment as negative netflows suggest that more investors are opting to withdraw their tokens from exchanges.
Read Also: Investing $100 in Shiba Inu (SHIB) Monthly Since Sept. 28, 2020, Would Return $30.8 Million Today
In an intriguing turn of events, NerdBot also revealed a specific fresh whale, identified as 0xb75, who has successfully withdrawn an astounding 292.5 billion Shiba Inu tokens from Coinbase, one of America’s largest cryptocurrency exchanges, over the course of the past three weeks.
It is worth noting that Shiba Inu, along with the broader cryptocurrency market, has witnessed a decline in recent times. Presently, SHIB is down over the past 24 hours, with its current value sitting at $0.000007244 at the time of this report’s release. Following its recent peak of $0.00000761 on October 2, the asset has faced a continuous downturn.
As the Shiba Inu community accumulates an unprecedented number of tokens, coupled with the increasing withdrawal of tokens from exchanges, it remains to be seen how these developments will impact the price trajectory of this cryptocurrency.
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