Crypto altcoins like Shiba Inu (SHIB) have been in the green entering this weekend, with market sentiment appearing bullish. Following whales beginning to offload their assets from exchanges to private wallets, it appears that whales are holding their Shiba Inu for the long term.
Indeed, wallets of the top ten exchanges where the digital assets are concentrated are witnessing substantial withdrawals. Market intelligence platform Santiment shared that this in part causes momentum for the entire altcoin market. Specifically, Santiment underscored that such a trend has historically been considered a bullish indication, as whales traditionally move tokens to exchanges for sell-off.
Furthermore, Shiba Inu burn data has disclosed an impressive 421% surge in burn rate within the last 24 hours. The combination of burning SHIB, increased whale activity, and the meme coin’s collaboration with D3 Global set Shiba Inu up for a potential bullish run to close out 2023.
At press time, Shiba Inu was trading at $0.00001084, and has seen upward momentum in the last 72 hours. SHIB’s global market cap sits at $6.4B, and its market volume is up 71.92% in the last 24 hours.
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Similarly, Shiba Inu’s top ten whales witnessed a $54.6 million reduction in their SHIB portfolio, reflecting a 2.7% decline.