On-chain data shows Shiba Inu has seen some substantial withdrawals from exchanges recently. Here’s what this could mean for SHIB’s price.
Shiba Inu Balance On Exchange Has Been Falling Since November
As pointed out by analyst Ali in a new post on X, a large amount of Shiba Inu has left exchanges since November. The relevant metric here is the “Balance on Exchanges,” which keeps track of the total amount of SHIB that’s sitting in the wallets of all centralized exchanges.
When the value of this metric goes up, it means that the investors are depositing a net number of coins to these platforms right now. As one of the main reasons why investors would make such transfers is for selling purposes, this kind of trend can have bearish implications for the asset’s price.
On the other hand, the indicator heading down suggests net withdrawals towards self-custodial wallets have been taking place, a potential sign that the holders are accumulating. Such a trend can prove to be bullish
We współpracy z: https://bitcoinist.com/shiba-inu-is-fast-leaving-exchanges-what-it-mean/
