Large holders of Shiba Inu (SHIB) tokens, known in the crypto world as «crypto whales», have withdrawn around 705 billion SHIB from exchanges, totaling over $16 million.
Such a massive outflow of assets is considered a bullish signal, as it reduces selling pressure and may indicate an upcoming price increase.
On May 10, 2024, Shiba Inu showed a 4% decrease for the day and a 6.5% decrease for the week, due to another drop in the price of bitcoin to $60,000.
However, analysts have optimistic forecasts for SHIB. According to the CoinCodex crypto forecasting platform, it is expected that by May 31, 2024, the price of SHIB could rise to $0.00005853, representing an increase of over 150% from current levels.
Additionally, the Changelly platform predicts that on May 30, 2024, Shiba Inu will reach $0.00006159, adding confidence in the future price growth of this cryptocurrency.
Optimism is partially explained by the significant increase in the burning rate of SHIB tokens — by over 5800%. According to Shibburn data, over 26 million SHIB tokens were burned in the last 24 hours.
However, it is worth noting that token burning usually does not lead to significant price changes, as the number of burned tokens is only a small fraction of the total supply — around 589 trillion SHIB.
Nevertheless, current trends and forecasts are creating positive expectations for the future of Shiba Inu.
