Santiment reveals that Shiba Inu has decoupled from the altcoin market, experiencing a mild 5% rise over the last 48 hours as whales accumulate 6.57 trillion SHIB in one month. This bullish development was disclosed in a recent report on X by the crypto behavior analytics platform.
Despite this positive movement, the broader crypto market has continued its downtrend since June, with prices reaching multi-month lows. Shiba Inu has not been immune to this decline, currently down 43% from its high of $0.00002945 on May 29.
Shiba Inu Stabilizes and Rebounds Amid Market Trends
As selling pressure eased, Shiba Inu’s prices began to stabilize, benefiting from a mild recovery. So far, the token has recovered 33% from its low of $0.00001266 on July 5.
SHIB Daily Chart
Santiment confirmed that Shiba Inu’s recent decoupling from the broader altcoin market contributed to this rebound. Over the weekend, Shiba Inu experienced a significant 16.15% intraday increase, its largest daily gain in four months. The last time SHIB saw such a bullish day was on March 4, with a spike of 59.46%.
After the 16.15% rise on July 6, SHIB experienced a subsequent 10% drop on Sunday. Despite this, it held above earlier lows and began the new week with two consecutive intraday gains. Santiment highlighted that Shiba Inu gained 5% over a 48-hour period at the time of its report.
Source: X
Shiba Inu Sees Bullish Accumulation Amid Exchange Withdrawals
Besides its impressive rebound, Shiba Inu has also demonstrated bullish accumulation patterns over the past month. According to Santiment, the 150 largest non-exchange addresses have acquired 6.57 trillion SHIB since June, increasing their cumulative balance to 562.84 trillion.
In contrast, exchanges have reduced their Shiba Inu reserves over the same period. The 150 largest exchange addresses have lost 5.53 trillion SHIB since June, decreasing their balance to 187.1 trillion SHIB.
Data from CryptoQuant supports this trend, revealing that exchanges have experienced 24 days of net outflows in the past 31 days. During these outflows, exchanges recorded a total net withdrawal of 8.779 trillion SHIB tokens.
Shiba Inu Exchange Netflow | CryptoQuant
SHIB Exchange Reserves Hit Record Low, Sparks Price Surge Anticipation
Due to sustained outflows, SHIB’s exchange reserves have dropped to a record low of 143.948 trillion tokens, the lowest ever recorded in Shiba Inu’s history. Historical data suggests that each time SHIB experiences a significant decrease in exchange reserves, a price surge follows. The last instance of this pattern occurred in February, leading up to a notable 370% rally.
Shiba Inu Exchange Reserve | CryptoQuant
Currently, Shiba Inu is trading at $0.00001681, showing a 2.3% increase this morning. Market analyst Javon Marks has indicated that SHIB may be on the verge of a pivotal rally. He has set a target range of $0.000081 to $0.0001553, pointing out that SHIB has maintained its position above a crucial resistance trendline.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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