SHIB’s Market Shift: Non-Exchange Wallets Lead in Long-Term Strategy

• Shift to non-exchange SHIB holdings signals long-term investor confidence, reducing market volatility.
• SHIB’s resilience and independent price movement highlight its unique market position.
• Decreased SHIB trading activity and liquidations indicate cautious market sentiment and reduced interest.

Shiba Inu (SHIB) is witnessing a notable trend among its largest holders, with an increase in non-exchange wallet holdings. 

Over the past month, these wallets have accumulated 6.57 trillion SHIB coins, highlighting a robust belief in the token’s long-term potential. This shift in holdings contrasts sharply with a decrease of 5.53 trillion coins in the top 150 SHIB exchange wallets, suggesting a strategic move towards long-term asset storage away from active trading platforms.

The migration of coins off exchanges frequently indicates less selling pressure and market turbulence, which could stabilize the price of SHIB shortly. This change suggests that holders of SHIBs are becoming more inclined to adopt a more passive investing approach that emphasizes long-term asset building over speculative trading activity.

Sentiment’s most recent data indicates that Shiba Inu has performed well when compared to other coins of a similar kind. In the previous 48 hours, it increased by 5%. This demonstrates how SHIB is unique among the coins available on the market.

At press time, Shiba Inu (SHIB) is priced at $0.00001671, with a trading volume of $283,312,859 in the last day, marking a 1.45% increase in the last 24 hours and a 0.85% decline over the past week.

Additionally, Coinglass data indicates a notable decrease in trading activity for the SHIB/USDT pair, with a 54.29% drop in trading volume to $122.12 million. Open interest has also decreased by 3.22% to $28.43 million, reflecting subdued market interest and a cautious sentiment among traders.

Analyzing the long/short ratio, the market currently shows a predominance of short positions, with a ratio of 0.8501. However, on OKX, SHIB displays a contrasting ratio of 2, indicating twice as many long positions compared to short ones.

Looking at liquidation trends, there has been a notable increase in liquidations of long positions, totaling $233,720 over the past 24 hours, including $161,640 from long SHIB/USDT positions. These dynamics suggest a cooling off in trading activity, with a slight tilt towards bearish sentiment in the short term.