Prominent market intelligence platform Santiment has highlighted Shiba Inu as a token to watch, as whales move coins off exchanges amid the gradually unfolding crypto bull market.
In a recent tweet, Santiment underscored the escalating momentum in the altcoin market, where tokens like Solana (SOL) and Cardano (ADA) have engineered surprising rallies to new yearly highs.
Specifically, Santiment noted that ADA recently surpassed $0.65, a point not seen for the last 17 months. Also, Solana is on the path of $100, having grown more than 400% in under four months.
Amid this praiseworthy trend, Santiment weighed in on emerging positive signs suggesting a similar Shiba Inu uptrend on the horizon.
? #Altcoins are surging once again, with $ADA now above $0.65 and $SOL amazingly closing in on $100. But keep an eye on $ETH, $SHIB, $FET, and $DENT. These four assets are all seeing their top 10 respective exchange wallets move coins away from exchanges, which is
(Cont) ? pic.twitter.com/t9apBn8Ttt
— Santiment (@santimentfeed) December 22, 2023
Reasons to Watch Shiba Inu
In the update, Santiment asked crypto market participants to “keep an eye on” Ethereum (ETH), Shiba Inu (SHIB), Fetch.ai (FET), and Dent (DENT). According to the intelligence platform, these four assets stand out due to the ongoing movement of coins from whales.
In particular, it noted that the wallets of the top ten exchanges where the digital assets are concentrated are witnessing substantial withdrawals. This trend implies that large holders, whales, are offloading their assets from exchanges to private wallets, potentially for long-term holding.
Santiment underscored that such a trend has historically been considered a bullish indication, as whales traditionally move tokens to exchanges for sell-off.
Moreover, the new trend reversal has been observed for the past 90 days. Specifically, Santiment data indicated that, over the past three months, the ten top-ranking wallets on Ethereum have experienced a $778.7 million decrease in their holdings.
This marked a 4.3% drop. As of August, the top exchange held about 8.32 million Ethereum tokens. The number has now dropped to 7.79 million ETH.
Similarly, Shiba Inu’s top ten whales witnessed a $54.6 million reduction in their SHIB portfolio, reflecting a 2.7% decline. Fetch.ai and Dent also showed significant decreases, with a $48.2 million (26.1% drop) and $867.5 thousand (1.5% drop) decrease, respectively.
As a result, Santiment concluded that Ethereum and Shiba Inu, alongside the other two digital assets, show promising bullish signs. In the last 24 hours, SHIB has seen a 1.36% gain to $0.00001044, per CoinMarketCap data.