Whales accumulate 2 trillion SHIB... Is this a prelude to Shiba Inu's surge?

▲ Shiba Inu (SHIB) ©

Amid controversy over Shiba Inu's sluggish price, on-chain data is sending the opposite signal: 'increasing demand and decreasing supply.'

According to the cryptocurrency media Watcher.Guru on April 19 (local time), Shiba Inu (SHIB) showed a trend of easing selling pressure over the past week, with an increase in exchange outflows and a simultaneous decrease in holdings. From April 9 to 16, approximately 1.24 trillion SHIB exited exchanges, and exchange holdings decreased to about 80.9 trillion SHIB.

This trend is interpreted as a price support factor due to supply reduction. In particular, on April 15 alone, approximately 229 billion SHIB moved out of exchange wallets, indicating a significant reduction in short-term selling volume. This is read as a sign that investors are converting their assets to long-term storage.

The movement of whale investors is also clear. Since April, approximately 2.02 trillion SHIB have flowed into large wallets, amounting to about $12.16 million. Notably, the top 10 wallets hold 62.65% of the total supply, indicating a highly concentrated market influence structure. This includes Vitalik Buterin's burn address, where approximately 410 trillion SHIB are stored.

Network expansion indicators are also showing an improving trend. The total number of holding addresses has exceeded 1.562 million, with an average of about 300 new addresses added daily. Additionally, approximately 78% of holders maintain long-term holdings for more than one year, and about 62% are in profit based on current prices.

The burning mechanism, which drives supply reduction, is also continuing. On April 11 alone, approximately 15.5 million SHIB were burned, leading to a continued reduction in circulating supply. The market analyzes that if such changes in the supply and demand structure accumulate, it could lead to a future price rebound.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*