Shiba Inu Rises, Decouples from Market as Whales Amass 6T+ SHIB

Santiment reveals Shiba Inu has decoupled from the altcoin market with a mild 5% rise over the last 48 hours, as whales accumulate 6.57 trillion SHIB in one month.

The crypto behavior analytics platform disclosed this bullish development in a recent report on X. Notably, the broader crypto market downtrend has persisted since June, with prices hitting multi-month lows. Shiba Inu has not escaped the onslaught, currently down 43% from the $0.00002945 high on May 29. 

Shiba Inu on a Mild Recovery Course

However, as the selling pressure reduced, prices have started stabilizing, with Shiba Inu benefiting from the mild newfound recovery push. So far, Shiba Inu has recovered 33% from its floor of $0.00001266 on July 5. 

Santiment confirmed that this was partly due to its recent decoupling from the rest of the altcoin market over the weekend. Shiba Inu posted a massive 16.15% intraday increase last Saturday, marking its largest daily gain in four months. The last time SHIB saw a day as bullish as this was on March 4, when it spiked 59.46%.

Following the 16.15% intraday rise on July 6, SHIB saw a subsequent 10% drop on Sunday. However, it maintained its gains above the earlier lows, starting the new week with two consecutive intraday gains. At the time of its disclosure, Santiment stressed that Shiba Inu had gained 5% over a 48-hour period.

🐳😼 Shiba Inu had a mini decoupling from other altcoins over the weekend and is up a modest +5% in the past 48 hours. Holders will be pleased with the fact that non-exchange whales continue accumulating, while exchange whale bags are shrinking. 👌 pic.twitter.com/U5Ud5LfBUp

— Santiment (@santimentfeed) July 9, 2024

Whales Amass 6T+ SHIB in a Month

Besides the impressive rebound, Shiba Inu has also recorded bullish accumulation patterns over the past month. According to Santiment, the 150 largest non-exchange addresses have procured 6.57 trillion SHIB since June. This accumulation spree has brought their cumulative balance to 562.84 trillion.

Conversely, exchanges have seen a reduction in their Shiba Inu reserves in the past month. Notably, the 150 largest exchange addresses have lost 5.53 trillion SHIB since June. This string of withdrawals has taken their balance to a low of 187.1 trillion SHIB.

Data from CryptoQuant confirms this trend of exchange withdrawals. The Exchange Netflow metric shows that exchanges have witnessed 24 days of net outflows over the past 31 days. Within these 24 days, exchanges have recorded net outflows totaling a whopping 8.779 trillion SHIB tokens. 

As a result of the sustained outflows, SHIB exchange reserve has dropped to 143.948 trillion tokens, the lowest ever recorded in Shiba Inu’s history. Historical data indicates that each time SHIB records a drastic drop in exchange reserves, a price surge follows. The last time this pattern occurred was in February, before the pivotal 370% rally.

Meanwhile, Shiba Inu currently changes hands at $0.00001681, up 2.3% this morning. Recently, market analyst Javon Marks argued that SHIB was on the verge of a pivotal rally. He set a target of $0.000081 to $0.0001553, noting that SHIB has held above a crucial resisting trendline.