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In the wake of a minor price dip, whales have withdrawn 1.2 trillion Shiba Inu tokens valued at $21.7 million from centralized exchanges. Despite this massive accumulation, SHIB's price remains subdued—raising questions about what's next.
Whale Activity Pushes Shiba Inu Toward Potential Bull Run
In spite of the recent decline in price, Shiba Inu (SHIB) has experienced an incredible event. As a whole, the cryptocurrency market saw a price correction, and Bitcoin's (BTC) price fell just short of its critical levels.
A small decline in the SHIB price put a temporary stop to the increasing trend. The upward momentum, however, seems to be far from ended.
Although some may have freaked out amid the price drop, traders and investors generally showed more faith in SHIB.
Traders, and especially whales, have been purchasing SHIB coins in huge quantities, according to data from CryptoQuant. The massive withdrawal of 1.2 trillion tokens from centralized cryptocurrency exchanges occurred on October 21st.
It is believed that these coins are worth approximately $21.7 million in total. A significant upward trend in the price of SHIB may be on the horizon thanks to this massive buying spree.
