SHIB Decouples from Altcoins as Largest Holders Hoard 6.57T

  • 150 largest SHIB custodians cumulatively added 6.54T SHIB in a month.
  • Plummeting exchange reserves reveal a new trend among SHIB holders.
  • Looming Ether Spot ETF launch expected to help SHIB’s recovery course.

Shiba Inu (SHIB) stood out from other altcoins last weekend with a slight decoupling from its peers. Entering the new week, SHIB offered relief to investors with a 5% mini rebound rally over the past 24 hours.

SHIB Exchange Reserves Shrink by 5.53T

SHIB is yet to reclaim its $0.00002 support levels due to a heavy price correlation with Bitcoin (BTC). The leading digital asset continues to face turbulence due to the German government selling off its BTC treasury. On a brighter note, the blockchain stats provider Santiment calculated a 5.53T decrease in Shiba Inu’s exchange reserves.

Major crypto players, also known as whales, tend to use centralized crypto exchanges (CEXs) to sell off their tokens. A drop in large SHIB reserves on crypto exchanges can hint at rising large investor confidence in SHIB.

SHIB to Get Boosted by Ether Spot ETFs?

While Shiba Inu’s exchange reserves are steadily shrinking, the on-chain crypto whales are continuing to accumulate in self-custodial wallets. According to data by Santiment, whales using off-exchange wallets have collectively stockpiled 6.57T Shiba Inu tokens over the past month.

Large investors’ confidence contributed to a wave of optimism around Shiba Inu’s price direction, with market analysts putting SHIB into the top 10 most promising cryptocurrency list regarding the upcoming Ethereum Spot ETF.

The already-approved Ether exchange-traded fund (ETF) products are massively important to SHIB. The memecoin started as an ERC-20 token on Ethereum’s blockchain before launching its own Shibarium Layer-2 public chain.

The set of Ether Spot ETF products was approved on May 23, 2024, and will be rolled out in the United States. The U.S. Securities and Exchange Commission (SEC) dashed hopes of a July launch by asking the market participants to correct and amend their Ether ETF filings until July 8. As of press time, SHIB is changing hands at $0.00001669, with a slight upswing of 2% in the latest 24-hour window.

On the Flipside

  • Despite a rising crypto wallet number, Shiba Inu’s social metrics showcase a decline in several official channel membership lists.
  • To illustrate the phlegmatic social media trend, SHIB’s official Telegram channel went from 90K since the start of 2024 to 85.13K today.

Why This Matters

Decoupling from altcoin peers during heavy bear markets adds a layer of strength to the cryptocurrency, as sovereign price movement is usually boosted by large holder actions or community initiatives.

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Sourced from dailycoin.com.

Written by on 2024-07-10 17:00:00.

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