Shiba Inu Shows Long-Term Bullish Signal? "Withdrawal of Over 8 Trillion SHIB from Exchange Wallets" Reported

Explore the recent Shiba Inu (SHIB) cryptocurrency dynamics, including a major withdrawal from exchange wallets and bullish signals.

Understand how these movements could potentially influence the future pricing and market behavior of SHIB in this insightful analysis.

Substantial Withdrawal from Exchange Wallets: Approximately 88 million dollars Worth of SHIB

While Shiba Inu (SHIB) has been in the spotlight due to a series of major SHIB burns associated with Shibarium, reports indicate a significant decrease in the number of SHIB held in cryptocurrency exchange wallets.

Ali Martinez, a renowned analyst with over 37,000 followers on X, reported on December 24, 2023, that "since November 2023, over 8 trillion SHIB, equivalent to about 88 million dollars, have been withdrawn from exchange wallets," citing data from Glassnode.

Reduced Selling Pressure and Rising Price Expectations

The price of SHIB has been steadily rising since around October this year, reaching "1 SHIB = 0.000011 dollars" at the time of writing this article.

The large-scale withdrawal from exchange wallets is heightening expectations for further price increases of SHIB.

This expectation is based on the idea that "the decrease in SHIB held at exchanges = reduced likelihood of SHIB being sold in the market," leading to weaker selling pressure and potential price increases.

Santiment, a cryptocurrency analysis company, also reports this view. In a post on December 22, 2023, they noted an increase in withdrawals of ETH, SHIB, FET, and DENT, explaining that "such movements are generally perceived as long-term bullish signals."

Potential Future Sales Despite Cryptocurrency Moving to Personal Wallets

Even when cryptocurrencies are moved to personal wallets, they can still be sold through decentralized exchanges (DEXs), so there remains a possibility that these moved cryptocurrencies will be sold in the future. However, considering recent price movements, many predict further price increases.

SHIB has been in a long-term downward trend since around October 2021, but by the middle of last month, it was pointed out that "SHIB had broken out of the major downtrend that began in 2021."

As of December 26, 2023, the upward trend continues, and attention is focused on whether it can break through the key resistance line of 0.000012 dollars.

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