SHIB Long-Term Holders Gain Confidence Amid Exchange Exodus

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Shiba Inu Shows Resilience: Whales Accumulate as Trading Activity Declines
  • Non-exchange SHIB whales added 6.57T coins, showing strong confidence among long-term holders despite market volatility.
  • SHIB exchange wallets saw a 5.53T coin reduction, indicating a shift to long-term storage in non-exchange wallets.
  • SHIB’s price rose by 5% in 48 hours, but trading volume dropped 54.29%, showing less market interest and bearish sentiment.

Shiba Inu (SHIB) holders shifted a significant amount of tokens over the weekend, with non-exchange whales increasing their holdings by 6.57 trillion coins in the past month.

This movement demonstrates strong confidence among long-term holders, while the top 150 largest SHIB exchange wallets saw a reduction of 5.53 trillion coins.

The move of coins off exchanges typically suggests a decline in market volatility and less selling pressure. Therefore, the pattern of whales moving their holdings to wallets that are not exchanged may be interpreted as an indication of stability for Shiba Inu.

The move of coins off exchanges typically suggests a decline in market volatility and less selling pressure. Therefore, the pattern of whales moving their holdings to wallets that are not exchanged could be seen as an indication of stability for Shiba Inu.

This trend suggests that SHIB holders are opting for storage in non-exchange wallets, reflecting a strategy to hold the asset long-term rather than engage in frequent trading. Additionally, data from Santiment reveals that Shiba Inu experienced a mini decoupling from other altcoins and is up a modest 5% in the past 48 hours.

As of press time, Shiba Inu (SHIB) is priced at $0.00001671, with a trading volume of $283,312,859 on the last day, recording an increase of 1.45% in the past 24 hours and a 0.85% decrease over the last 7 days.

Moreover, data from Coinglass shows a drop in SHIB/USDT trading activity. SHIB’s trading volume has fallen by 54.29% to $122.12 million, and open interest has decreased by 3.22% to $28.43 million.

The 24-hour long/short ratio is 0.8501, meaning there are more short positions than long ones. However, OKX SHIB accounts have a long/short ratio of 2, indicating twice as many long positions compared to short ones.

Liquidation data reveals higher liquidations in long positions, with $233,720 liquidated in the past 24 hours, including $161,640 from long positions. This trend suggests a cooling in SHIB/USDT trading, with reduced market interest and a slightly bearish sentiment.

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