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Shiba Inu

<ul>
 <li>Shiba Inu sees a 2.4% drop in centralized exchange holdings, signaling potential bullish sentiment despite a 15% weekly loss.</li>
 <li>Increased SHIB accumulation by wallets holding 10K-10M tokens points to growing investor confidence amid market volatility.</li>
 <li>Analysts predict up to a 501% rally for SHIB, highlighting significant profit potential for buyers within the $0.00001859-$0.00002322 range.</li>
</ul>
Shiba Inu (SHIB) continues to face a persistent Bitcoin-led <a href="https://cryptonewsland.com/shiba-inus-supply-decline-signals-long-term-bullish-trend/" rel="noopener noreferrer nofollow">market pullback</a> that has stretched over the last week.&nbsp; The cryptocurrency is riskly close to losing the $0.00002 price level to bearish trends, having hit a low of $0.00002101, a further decline from the previous day’s low.
Decline in Centralized Exchange Holdings
At press time, Shiba Inu was trading at <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">$0.00002047</a> which means Shiba Inu has shed over 15% of its value in the past week. Despite this downturn, market analysis platform Santiment has hinted at potential relief for SHIB. A report released on Thursday by Santiment highlighted a significant reduction in the amount of Shiba Inu held on centralized exchanges. The top ten exchanges’ whale wallets have seen a 2.4% decrease in SHIB tokens since May 27.
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 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"> The top 10 exchange wallets on the <a href="https://twitter.com/hashtag/ShibaInu?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ShibaInu</a>, <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Chainlink</a>, and <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> networks, respectively. Since May 27th, their holdings have shrunk by: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a>: -2.4% <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a>: -2.9% <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>: -8.6% Decreasing exchange supplies should be considered a good sign for bullish traders. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f44d.png" alt="👍" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/MbrSKaFF8s" rel="noopener noreferrer nofollow">pic.twitter.com/MbrSKaFF8s</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1801370642811654633?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 13, 2024</a>
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Whale Activity and Accumulation Trends
According to Santiment, the supply of Shiba Inu on exchanges increased from mid-May, reaching a new monthly high before beginning to decline in late May. This trend has accelerated since early June, with exchanges holding 164.63 trillion <a href="https://cryptonewsland.com/58-trillion-shib-tokens-bullish-resurgence-or-bearish-breakdown/" rel="noopener noreferrer nofollow">SHIB tokens</a> as of June 12. Historically, reduced crypto holdings on exchanges have been a bullish signal, suggesting that investors are accumulating SHIB and moving their assets to self-custodial wallets.
Moreover, the accumulation trend is supported by the increasing number of wallets holding between 10,000 and 10 million SHIB tokens. Since March, there has been an addition of 36,281 new wallets, bringing the total to 831,548 addresses.
Market Projections and Potential Rallies
While Santiment has not provided specific price targets for SHIB amid these accumulation trends, other market analysts have made optimistic predictions based on technical analysis. Earlier this month, a <a href="https://x.com/thescalpingpro/status/1798768473205772332" rel="noopener noreferrer nofollow">Bitcoin analyst</a> predicted a potential 501% rally for Shiba Inu, suggesting the asset could reach $0.00014. Similarly, Shiba Inu community analyst <a href="https://x.com/army_shiba/status/1797533912434167933" rel="noopener noreferrer nofollow">SHIB Knight</a> said that purchasing SHIB within the $0.00001859 to $0.00002322 range could yield substantial profits, forecasting a possible 300% increase to $0.0001 this month.
Shiba Inu’s recent struggles in the market have highlighted both challenges and potential opportunities for investors. The declining exchange holdings and increasing accumulation by whales suggest a potential bullish outlook, though market conditions remain volatile. Investors and market watchers will be closely monitoring these trends in the coming days.
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 <li><a href="https://cryptonewsland.com/shiba-inus-supply-decline-signals-long-term-bullish-trend/" rel="noopener noreferrer nofollow">Shiba Inu’s Supply Decline Signals Long-Term Bullish Trend</a></li>
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The post <a href="https://cryptonewsland.com/shiba-inu-nears-critical-support-as-whales-continue-to-accumulate/" rel="noopener noreferrer nofollow">Shiba Inu Nears Critical Support as Whales Continue to Accumulate</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Shiba Inu Nears Critical Support as Whales Continue to Accumulate

Crypto News Land

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