An extraordinary event has unfolded for Shiba Inu (SHIB) amid its recent price decline. The cryptocurrency market experienced a correction, with Bitcoin (BTC) dipping below critical levels. Following this trend, SHIB also saw a slight price drop, which interrupted its upward momentum. However, the bullish sentiment around SHIB remains strong.
Whales Show Confidence Despite Price Dip
Despite the price decrease, most investors and traders maintained confidence in SHIB. According to data from CryptoQuant, major traders, including whales, have been buying large amounts of SHIB tokens. On October 21, whales pulled out a staggering 1.2 trillion SHIB tokens from centralized exchanges.
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These tokens are valued at approximately $21.7 million. This massive buying activity indicates a potential boost to SHIB’s price, signaling a bullish trend. As of now, the meme coin has not faced significant selling pressure, and this support from large investors could lead SHIB toward a recovery phase.
Rising Exchange Outflows Signal Long-Term Holding
When large investors and traders withdraw their assets from exchanges like Binance, they often aim to hold these coins in private wallets for the long term. This trend of holding tokens boosts market sentiment, as it suggests a positive outlook for SHIB’s future price movement. The increasing outflows from exchanges point to a bullish development for SHIB, supporting the idea that prices may recover soon.
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Shiba Inu is currently trading at around $0.00001811 after a 2.99% decline over the past 24 hours. Trading volume has also dropped, falling by 7.44% to $326.60 million in the same period.
Despite these recent declines, SHIB’s price remains up by 24.96% over the last 30 days. This indicates that the overall trend is still positive, and further gains could be on the horizon.
