While the price of Shiba Inu (SHIB) has been struggling lately, whales may have been accumulating the meme coin.
The broader altcoin market hit a local top in late December. However, whales with strong convictions utilize the opportunity of dips to accumulate their favorite asset.
Shiba Inu Whale Withdrew Over 546.342 Billion Tokens
According to the on-chain analysis platform Spotonchain, a fresh whale wallet, withdrew over 546.342 billion SHIB tokens. As of writing, the whale’s portfolio is worth over $5 million, consisting entirely of SHIB.
Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
Moreover, Spotonchain has been tracking five SHIB whales, including the Tron founder – Justin Sun.
“We noticed that over the past 1.5 months, there have been 5 whales (including Justin Sun) withdrawing 2.742T SHIB ($25.2M) at an average price of $0.0₅921 from Binance. Currently, the whales still hold all of their SHIB tokens, now only worth $24.9M,” Spotonchain commented.
Also, the SHIB exchange reserves have been in a downtrend since December 16. On December 16, the exchanges had a reserve of over 166 trillion SHIB tokens. However, as of writing, the reserves have declined by over 4% to 159 trillion.
If the exchange reserves increase, it indicates a high selling pressure. However, a declining reserve points towards the possibility of accumulation.
The price of SHIB has declined by nearly 30% from the December top. However, the screenshot below shows that SHIB is trading 8.80% higher than Sunday’s low as of writing.
Read more: 11 Best Shiba Inu (SHIB) Wallets in 2023
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