Shiba Inu has exhibited signs of decoupling from the broader cryptocurrency market slump. While the altcoin market has been on a downward trajectory since June, SHIB has demonstrated a mild recovery, buoyed by significant whale accumulation and technical bullish signals.
Following a period of intense selling pressure that dragged SHIB down 43% from its May 29 high of $0.00002945, the meme coin has begun to stabilize. As of July 10, 2024, SHIB has clawed back over 30% from its recent low of $0.00001266 on July 5. This resilience can be partly attributed to a temporary decoupling from the struggling altcoin market.
Read Also: Shiba Inu Price Analysis: Bullish Wave Emergence Signals 120% SHIB Rally
This decoupling materialized over the weekend of July 6 and 7. During this period, SHIB experienced a significant 16.15% intraday surge, marking its most impressive daily gain in four months.
The last time SHIB witnessed a comparable uptick was on March 4, when it spiked by 59.46%. While a 10% correction followed on Sunday, July 7, SHIB held onto its gains and started the new week with two consecutive daily increases.
Whale Activity Hints at Bullish Sentiment
Complementing the price rebound, on-chain data suggests a bullish accumulation trend for SHIB. According to Santiment, the 150 largest non-exchange addresses have amassed a staggering 6.57 trillion SHIB tokens over the past month. This buying spree has significantly bolstered their collective holdings to a total of 562.84 trillion SHIB.
Conversely, cryptocurrency exchanges have witnessed a notable decline in their SHIB reserves during the same period. The 150 largest exchange addresses have shed 5.53 trillion SHIB since June, bringing their current balance down to 187.1 trillion SHIB.
CryptoQuant’s Exchange Netflow data corroborates the exchange outflow trend, revealing that exchanges have experienced net outflows for 24 out of the past 31 days. The cumulative total outflow during this period stands at a substantial 8.779 trillion SHIB tokens.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: New Shiba Inu Whale Moved 4 Trillion SHIB From Crypto Exchange Wallet. Here’s the Significance
Historically, significant reductions in SHIB exchange reserves have preceded price surges. The most recent instance occurred in February, before a pivotal 370% rally in early March. The current record low of 143.948 trillion SHIB tokens in exchange reserves suggests a similar price surge could be imminent.
Technical analysts have also echoed the bullish sentiment, suggesting SHIB is poised for a significant price increase. Times Tabloid recently reported on potential timelines for SHIB to reach $0.0001 and $0.001, and the meme coin could hit those targets sooner than many expect.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
