Shiba Inu Set for Bullish Trajectory as Whales Relock SHIB for Long-Term

Santiment, a prominent market intelligence platform, highlighted Shiba Inu as a token to watch as the crypto bull market gradually unfolds and whales move coins out of exchanges.

In a recent tweet, Santiment highlighted the growing momentum in the altcoin market, with tokens like Solana (SOL) and Cardano (ADA) driving an incredible rally towards year-to-date highs.

Specifically, Santiment noted that ADA recently crossed $0.65, a level not seen in the past 17 months. Also, Solana has grown over 400% in less than 4 months and is on her way to $100.

Amid this laudable trend, Santiment reviewed new encouraging signs that suggest a similar upward trend for Shiba Inu will occur in the near future..

🎉 #altcoin is rapidly increasing again, $ADA It is currently above $0.65. $SOL Amazingly close to $100.But please pay attention $ETH, $SHIB, $FETand $dent. All four of these assets have their respective top 10 exchange wallets moving coins out of the exchange.

(continued) 👇 pic.twitter.com/t9apBn8Ttt

— Santiment (@santimentfeed) December 22, 2023

Reasons to observe Shiba Inu

In the latest update, Santiment asked crypto market participants to “keep an eye on” Ethereum (ETH), Shiba Inu (SHIB), Fetch.ai (FET), and Dent (DENT). According to the intelligence platform, these four assets stand out as the movement of coins from whales continues.

In particular, it pointed out that large amounts of withdrawals were occurring from wallets on the top 10 exchanges where digital assets are concentrated. This trend suggests that large holder whales may move assets from exchanges to personal wallets and hold them for the long term.

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Santiment stressed that such trends have historically been considered a bullish sign, as whales traditionally move their tokens to exchanges for sale.

Additionally, a new trend reversal has been observed over the past 90 days. Specifically, Santiment data shown Over the past three months, the holdings of the top 10 Ethereum wallets have decreased by $778.7 million.

This was a decline of 4.3%. As of August, top exchanges held approximately 8.32 million Ethereum tokens. That number has now decreased to 7.79 million ETH.

Similarly, for the top 10 Shiba Inu whales, the SHIB portfolio decreased by $54.6 million, reflecting a 2.7% decline. Fetch.ai and Dent also saw significant declines, decreasing by $48.2 million (-26.1%) and $867,500 (-1.5%), respectively.

As a result, Santiment concluded that Ethereum and Shiba Inu, along with two other digital assets, are showing promising bullish signs. According to data from CoinMarketCap, SHIB rose 1.36% to $0.00001044 in the past 24 hours.