Whales have withdrawn more than 80 trillion Shiba Inu (SHIB) tokens from exchanges in the last 30 days, according to data. The dwindling exchange supply has sparked speculation about a looming supply crunch, with analysts now predicting a 280% rally to $0.000033 for the meme coin.
Whales Withdraw 80T SHIB From Exchanges
According to an X post by TKResearch, whales have been in charge of Shiba Inu’s liquidity for weeks. The post noted that since December 5, more than 80 trillion SHIB tokens have been taken off exchanges. As a result of these withdrawals, the amount of SHIB sitting on exchanges has fallen from 370.3 trillion to 290.3 trillion.
Interestingly, the withdrawals are not only coming from old whale wallets, but also from new wallets. The research noted that in the last 60 days, fresh wallets moved 82 trillion tokens, which is about 28.4% of the token’s total net circulating supply.
“SHIB is showing signs of supply exhaustion, with the majority of tokens increasingly controlled by Big Players,” the research added.
If the falling exchange supply coincides with an uptick in demand, it could drive notable gains for the Shiba Inu price. Analysts are already projecting a major move to the upside despite the recent lackluster performance.
Analyst Forecasts 280% Shiba Inu Price Rally as Bullish Pattern Nears Completion
Despite the surge in SHIB whale activity, the price action has remained suppressed due to reduced retail interest across the broader cryptocurrency market. However, an analyst has forecasted that a turnaround might be looming after spotting a bullish chart pattern.
Per Jonathan Carter’s analysis, SHIB is nearing the breakout of a falling wedge pattern. He noted that the price is now testing the upper resistance trendline of this pattern that has been forming since 2024.
If the price moves past the resistance, it could trigger a massive rally, which he notes might take it as high as $0.000033. Based on the current SHIB price of 0.00000836 at press time, getting to this target would trigger a 280% rally.
(Shiba Inu Price Chart)However, for Shiba Inu to reach this target, it needs to close decisively above the trendline on the weekly timeframe. The analyst also noted that buyers will play a role.
“The chart structure is reaching the completion stage, with buyers gaining momentum and control,” he said.
Hence, as whales continue to accumulate SHIB and reduce the amount of tokens available on exchanges, a massive price rally could be on the horizon.
Source: https://zycrypto.com/80-trillion-shib-exits-exchanges-as-supply-crunch-looms-analyst-eyes-280-shiba-inu-boost/
