Shiba Inu’s (SHIB) price movement may have been insufficient in recent times after a series of sales. However, it appears that whales have quickly turned the short-term decline into long-term conviction, as seen in the past 24 hours.
Santiment reported that amidst this market turmoil, an astonishing trend has emerged. Approximately 4.7 trillion SHIB tokens were moved to a cold wallet. This movement, indicating increased activity and accumulation by whales, became the seventh-largest SHIB transfer since the beginning of 2023. This intriguing behavior may also indicate a strengthening belief in the token’s long-term potential. SHIB has recently been influenced by selling pressure.
Furthermore, market capitulation affected by Bitcoin‘s (BTC) decline caused the token to drop from its previous $0.00001 surge. According to the 24-hour price movement, Santiment showed a significant increase to $0.047. The increase in volatility as a signal of fear or stress in the market may indicate how uncertain SHIB can be in the future. Therefore, Shiba Inu may have a chance to spread its value over a wide range in a short period. As a result of market uncertainty, opinions about SHIB have changed. Previously, the prevailing sentiment of SHIB had reached 2.53.
However, at the time of writing, the metric dropped to 1.35 for a week. Weighted sentiment takes into account positive/negative comments about a token. Therefore, the decline indicates a decrease in optimism about SHIB’s short-term performance. Meanwhile, when looking at the supply outside of exchanges, it was observed that not many tokens were leaving the exchanges. The metric measures the number of tokens transferred from exchange wallets to non-exchange wallets. An increase in supply outside of exchanges supports the concept of long-term storage. Conversely, a significant decrease indicates a possible selling movement.
At the time of writing, Shiba Inu’s supply outside of exchanges was 917.06 trillion. As the metric flattened, it strengthened the uncertain sentiment of the broader market. In terms of dormant circulation, on-chain data showed a decline in the metric. Dormant circulation indicates the number of unique tokens that have not moved for a long time but were traded on a specific day. A high value for 90-day dormant circulation would suggest that long-term holders were selling.