Bittime - The price of Shiba Inu (SHIB) is facing a decline recently. However, amid the sluggish crypto market movement, positive signals have emerged indicating the potential for a potential increase in the price of SHIB in the near future.
SHIB Price Positive Signals
Reporting from a report by market intelligence platform Santiment released Thursday (13/6/2024), investors seem to be starting to glance at SHIB as an attractive asset amid the negative trend that dominates the crypto market today.
The report revealed a decrease in the number of SHIB stored on centralized exchanges since May 27, 2024. Whale ownership on the exchange has decreased significantly.
Source: Santiment
Specifically, wallets belonging to the 10 largest exchanges are now recorded to have 2.4% fewer SHIB tokens compared to three weeks ago. Santiment's analysis shows that SHIB's holdings on the exchange had reached a monthly high in mid-May before finally experiencing a significant decline in early June.
SHIB withdrawals from exchanges intensified in the first week of June, as seen from the sharp decline in the chart shared by Santiment. Based on their data, exchange wallets as a whole are still recorded to hold 164.63 trillion SHIB tokens as of June 12, 2024.
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Positive Signals for Shiba Inu (SHIB) Price
According to Santiment, the decline in crypto ownership on exchanges has historically been a positive signal for the price movement of these assets.
"The top 10 exchange wallets on the #ShibaInu, #Chainlink, and #Ethereum networks each showed a decrease in holdings since May 27: $SHIB: -2.4% $LINK: -2.9% $ETH: -8.6% The decrease in holdings on exchanges should be a positive signal for traders eyeing price increases," wrote the Santiment (@santimentfeed) Twitter account on June 13, 2024.
In other words, investors continue to accumulate SHIB from exchanges even though the trading value is low.
This move indicates that SHIB could potentially benefit from increased buying activity in the coming days. Investors who withdraw SHIB from exchanges generally turn to private wallets to secure ownership of their assets.
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More SHIB Holders
In addition to the decrease in holdings on exchanges, the accumulation of SHIB by whales (investors with large holdings) is further strengthened by an increase in the number of wallets holding between 10,000 and 10 million SHIB tokens since March 2024.
Currently, there are 831,548 wallets with these holdings, which means that there have been 36,281 new wallets since this trend began on March 5, 2024.
The decrease in SHIB's holdings in the exchange by 2.4% represents around IDR 384 billion, indicating a considerable flow of funds out of the exchange. This outflow can be interpreted as a potential increase in SHIB demand in the future, even more so supported by the accumulation carried out by whales.
Shiba Inu Price Today
The price of Shiba Inu (SHIB) on 14/06/2024 at 17:06 WIB seems to be starting to recover. The price performance of SHIB started to rise by 0.46% in the last 24 hours based on data from Bittime.
Source: Bittime
Conclusion
Although the price of SHIB is declining, the data revealed by Santiment is a breath of fresh air for investors. It will be interesting to see how the trend of SHIB accumulation and withdrawal from the exchange will affect the price movement of SHIB in the future.
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How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) easily and securely through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the SHIB/USDT market pair. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have a sufficient balance by depositing a certain amount of funds into the wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can only buy crypto assets on the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and does not constitute an offer or solicitation to sell or buy any crypto assets. Crypto asset trading is a high-risk activity. The price of crypto assets is volatile, where prices can change significantly over time and Bittime is not responsible for changes in fluctuations in the exchange rate of crypto assets.
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