Whale's Long-Term Relock Fuels Bullish Surge for Shiba Inu

• Altcoin Market Features Buoyant Sentiment as Shiba Inu Experiences Green Weekend
• Whale Activity Induces Market Momentum
• Shiba Inu Burn Data Shows Significant Surge
• Shiba Inu's Trading Status
• Top Ten Shiba Inu Whales Witness Portfolio Reduction

Altcoin Market Features Buoyant Sentiment as Shiba Inu Experiences Green Weekend

The altcoin market, exemplified by Shiba Inu$0.000010 -2.05% (SHIB), has shown positive trends as the weekend begins. Market sentiment appears to be leaning towards the bullish side as whales, significant market players, start to transfer their assets from exchanges to private wallets. This behavior suggests a long-term investment strategy for Shiba Inu.

Whale Activity Induces Market Momentum

Interestingly, a noticeable decline in asset concentration in the top ten exchanges is observed, thanks to the substantial withdrawals made by whales. Market intelligence platform, Santiment, revealed that such movements partly fuel the momentum in the wider altcoin market. It's worth noting that historically, such trends were often deemed bullish cues, as whales typically move tokens to exchanges when planning a sell-off.

Shiba Inu Burn Data Shows Significant Surge

Moreover, the Shiba Inu burn data has revealed a notable 421% increase in the burn rate over the last 24 hours. This data, combined with the heightened whale activity and the meme coin's partnership with D3 Global, seem to position Shiba Inu for a potential bullish run to close out 2023.

Shiba Inu's Trading Status

As of the latest update, Shiba Inu was trading at $0.00001084, experiencing an upward momentum within the past 72 hours. SHIB's global market cap is currently estimated at $6.4B, with its market volume increasing by 71.92% in the last 24 hours.

Top Ten Shiba Inu Whales Witness Portfolio Reduction

On a related note, there has been a $54.6 million decrease in the SHIB portfolio of Shiba Inu's top ten whales. This reduction corresponds to a 2.7% decline, providing further insights into the market behavior surrounding this altcoin.

Edited by Jonathan Stoker