Major wallets pull up to 50 billion SHIB from exchanges! What are market players waiting for?

Whale investors turn to accumulation, not sales

On-chain data indicates that instead of cashing out short-term profits, major Shiba Inu holders transferred between 40 billion and 50 billion SHIB tokens away from exchanges into their private cold wallets. Arkham, a well-known blockchain analytics platform, tracked these transfer patterns and flagged the shift as a sign of accumulation among the biggest wallets.

Arkham’s network analysis highlighted that whales withdrawing SHIB to cold storage, rather than sending the tokens to exchanges for sale, signals that accumulation, not profit-taking, is driving current whale behavior.

In the broader crypto market, moving assets off exchanges generally reduces the immediate supply available for open market sales. This trend can help curb sudden price drops, especially during periods of appreciation. The data shows that, even after a large-volume attempt to take profit on June 15, buy-side demand quickly absorbed the supply. By June 16, on-chain flows again revealed a net outflow as whales continued amassing SHIB, instead of selling.

Key support levels underpin price

Market charts reflect the impact of this accumulation. After bottoming out on June 11, SHIB climbed steadily and stabilized around $0.00000503. The reluctance of major wallets to sell was a crucial factor in preventing a sharp retracement after the surge, underpinning the token’s newfound support.

TradingView’s volume profiles show transaction clustering at $0.00000501, hinting at a consolidation of buy orders around this zone. Price action near such areas is closely watched by market participants, as these regions can serve as strong short-term support where buyers are poised to defend the price.

Limited selling pressure sustains momentum

Recent market data suggests this upward move was no mere outlier. Analysts believe that as long as whales continue to hold above this key support level and refrain from selling, SHIB prices could maintain stability. The current outlook points to a preference for holding positions over short-term exits.

Despite large transfers bound for exchanges on June 15, the market absorbed the supply quickly, indicating that buyer appetite remains robust in the SHIB market.

Taken together, both on-chain transfers and trading volumes suggest that SHIB’s major holders have not yet started to distribute their holdings. Going forward, investors are expected to monitor exchange flows and the price action around the $0.00000501 support line to gauge the next potential move.