Shiba Inu ($SHIB) Price Rally Signal? Whales are Accumulating as Exchange Holdings Decline

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As an experienced analyst, I find the recent development in Shiba Inu ($SHIB) intriguing. The decoupling of SHIB from other altcoins and the accumulation by non-exchange whales suggest a potential price upswing. This trend is noteworthy because traditionally, investors keep their cryptocurrencies on exchanges for easy access to sell them. Therefore, a decrease in exchange holdings indicates a decline in the available supply of SHIB for immediate sale.

As a crypto investor, I’ve noticed an intriguing development with Shiba Inu ($SHIB), the meme-driven cryptocurrency. It appears to be displaying early indicators of price growth, distinguishing itself from other altcoins in the process. Notably, large SHIB holders, often referred to as “whales,” continue to stockpile this digital asset.

Based on information from analytical firm Santiment, it appears that large SHIB holders who continue to amass the cryptocurrency are not associated with cryptocurrency exchanges. The SHIB held by exchanges reflects the assets owned by their users, whereas non-exchange wallets indicate the possession of individual “whales,” potentially hinting at a long-term investment approach.

According to Santiment’s latest data, the leading 150 cryptocurrency wallets on exchanges have experienced a significant reduction in their Shiba Inu (SHIB) holdings within the past month, amounting to approximately 5.53 trillion tokens. On the other hand, non-exchange “whales” or large investors have accumulated a considerable amount of SHIB during this period, resulting in an increase of about 6.57 trillion tokens in their holdings.

Shiba Inu saw a small separation from other altcoins over the weekend, resulting in a gain of around 5% within the last two days. Notable investors holding this cryptocurrency outside exchanges have been actively accumulating more, while exchange holdings have decreased.

— Santiment (@santimentfeed) July 9, 2024

Historically, investors have kept their cryptocurrencies, including SHIB, on exchanges for convenience when intending to sell. A reduction in the amount of SHIB held by exchanges signifies less of the coin is readily available for instant trading.

As a researcher studying business news, I came across an interesting development: Kronos Advanced Technology, which specializes in creating advanced air purification and filtration systems, recently declared their acceptance of Shiba Inu (SHIB) as a valid payment option for purchasing their products.

As a crypto investor with an interest in sustainable technologies, I’m excited about the company that was established back in 1980. This innovative firm is dedicated to solving air quality problems by offering solutions such as air purifiers and advanced protective equipment. Their cutting-edge products are designed to eliminate allergens, bacteria, viruses, and other harmful contaminants from indoor environments. One of their most intriguing offerings is self-sterilizing graphene air purification devices. By investing in this company, I believe I’m contributing to a cleaner, healthier future for all.

Based on a recent announcement from the company, Kronos will be the first publicly traded firm to support the SHIB token. With an estimated 1.38 million SHIB token holders as of 2024.

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2024-07-12 01:21