Over 2 trillion Shiba Inu (SHIB) tokens have been withdrawn from major cryptocurrency exchanges in the past week, with Coinbase, Binance, and Uniswap leading the outflows.
This large-scale movement of SHIB coincides with a period of price consolidation, raising speculation about potential accumulation by large investors.
According to data from crypto analytics firm Arkham Intelligence, Coinbase recorded its largest single withdrawal, with 1.73 trillion SHIB tokens, valued at approximately $24.15 million, transferred from a hot wallet. This included a series of transactions, notably a 79.385 billion SHIB withdrawal on Saturday and a 472 billion SHIB withdrawal earlier on Wednesday, both sent to new private wallets.
Additionally, Binance, the world’s largest crypto exchange, saw 1.98 trillion SHIB tokens (around $26.7 million) withdrawn across multiple wallets. A significant cold wallet outflow of 300 billion SHIB further supports the notion that institutional or high-net-worth investors may accumulate and store SHIB securely off exchanges.
Elsewhere on the decentralized front, Uniswap experienced an outflow of 926 billion SHIB tokens, valued at approximately $13.25 million. Unlike centralized exchanges, these withdrawals suggest a preference for decentralized finance (DeFi) solutions, potentially for staking or liquidity provisioning.
Notably, large-scale exchange withdrawals often reduce the available supply of a token on exchanges, which can create conditions for bullish price action. Historically, when liquidity decreases on trading platforms, it limits immediate selling pressure and can contribute to price appreciation if demand rises.
That said, Data from IntoTheBlock also highlights a growing accumulation trend among SHIB holders, with both large and smaller investors increasing their balances. Specifically, wallets holding between 10 million and 100 billion SHIB and those holding 10 trillion to 100 trillion tokens collectively held 266.36 trillion SHIB as of March 28. This figure has since risen to 266.6 trillion, reflecting an increase of 240 billion SHIB.
However, it’s important to note that despite the recent withdrawals, on-chain data shows SHIB experiencing more deposits than exits. This trend contradicts the bullish outlook, as increased exchange deposits often signal potential selling pressure.
Meanwhile, the timing of these developments coincides with SHIB consolidating around the $0.000012 price level, a key support zone with analysts closely monitoring whether this level holds.
Analyst “Investing Haven” described SHIB’s outlook as “quietly bullish,” emphasizing its resilience in maintaining key support levels. He tweeted that $0.0000133 remains intact as the projected low for 2025, while $0.000012345 serves as an ultra-strong support zone. He also reaffirmed his broader target of $0.0000741 for 2025, highlighting April 13th as a key date for confirmation.
At press time, SHIB was trading at $0.00001274, reflecting a 1.88% gain in the past 24 hours.
