Shiba Inu activity surges as large holders withdraw billions from exchanges

Shiba Inu (SHIB) has experienced a nearly 15% surge in on-chain transfer volume, driven by significant movements from large holders. While the number of new wallets remained nearly flat, massive blocks of capital were moved, with 740 whale wallets controlling approximately 94.57% of the circulating supply. This activity included deep outflows from exchanges, with the net exchange balance falling by roughly 46.7 billion SHIB at the start of the week.

Major liquidity hubs involved in these transfers include Robinhood, Binance, and Crypto.com. Despite a local price dip, SHIB is showing signs of a potential bullish reversal as it tests key support levels near $0.0000043.

This movement occurs alongside a broader, tentative recovery in the cryptocurrency market led by Bitcoin, which has been trading near $64,340. Increased inflows into U.S. spot Bitcoin ETFs and improving on-chain demand have contributed to market stabilization, potentially providing a catalyst for speculative altcoins like Shiba Inu.