What to Know
- Shiba Inu whales moved 254 billion SHIB to exchanges recently.
- Retail buyers continued absorbing selling pressure during July’s recovery rally.
- Exchange reserves increased as whale profit-taking challenged SHIB’s rebound momentum.
Large Shiba Inu holders have started taking profits as the token attempts to extend its early July recovery. According to CryptoQuant, whales transferred 254.4 billion SHIB to exchanges within the past 24 hours, signaling increased selling activity despite improving market sentiment. Shiba Inu rebounded from a local low near $0.00000415 reached in late June. The recovery lifted the token toward the $0.00000430 to $0.00000431 range by July 2, encouraging renewed participation from retail traders.
Before the rebound, whale wallets accumulated substantial amounts of SHIB during the market decline. Between June 25 and June 29, large investors withdrew significant token volumes from exchanges into private wallets. That activity reduced exchange supply and supported the subsequent price recovery.
However, according to CryptoQuant, whale behavior changed once prices recovered. The latest on-chain data shows approximately 254.4 billion SHIB returned to exchanges over the past day. Meanwhile, exchange outflows remained nearly 50 billion tokens lower than inflows during the same period. Consequently, the value of SHIB reserves held on exchanges increased by 2.67% to approximately $375.9 million. Such movements often indicate that investors are positioning assets for potential selling instead of long-term holding.
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Retail buyers continue absorbing exchange inflows
Despite growing exchange deposits, retail investors have continued supporting SHIB’s recovery. Additionally, active addresses increased by 0.61%, suggesting that smaller holders remain engaged during the current rebound. Buying demand has helped offset much of the additional supply entering exchanges. As a result, SHIB has traded within a relatively stable range instead of surrendering recent gains.
Current on-chain data also shows daily net exchange flows have nearly balanced. This trend suggests retail participants are absorbing a significant share of whale selling pressure. Even so, large holders appear cautious about the sustainability of the current recovery.
Source: CryptoQuant
Market activity now points to two possible outcomes, with continued buying interest likely to help SHIB maintain momentum above the $0.00000431 resistance level. Conversely, additional whale deposits could increase selling pressure and push the token back toward its June support near $0.00000415.
In conclusion, SHIB has regained some ground during the opening days of July. However, according to CryptoQuant, whale profit-taking has emerged as a major headwind, leaving retail investors to determine whether the current recovery can continue.
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