Shiba Inu, Ethereum, and Chainlink are both showing bullish signs, with whale activity and burn rates showing promise for Shiba Inu in particular.
Big investors are moving these cryptocurrencies off exchanges, which means that they plan to hold them for a while.
With fewer coins available on exchanges, demand may outpace supply and drive prices higher.
A significant amount of Shiba Inu tokens have been burned recently, reducing total supply and padding the bullish outlook.
The crypto market doesn’t look like it at the moment, but a lot appears to be going on underneath the hood.
Recent data published on X by santiment proves this.
According to the crypto data analytics platform, there has been a massively bullish shift for three cryptocurrencies in the market, including Shiba Inu, Ethereum, and Chainlink.
Why are these cryptocurrencies so interesting, and what did Santiment discover about them?
Let’s dive in:
One of the best ways to figure out what is going on with a cryptocurrency at any given time is by the behaviour of its whales.
These whale movements often point out when to buy a certain cryptocurrency, when to sell, and when to HODL.
According to a recent report from Santiment this week, the whales have been pulling massive amounts of SHIB, LINK, and ETH off exchanges since 27 May.
Interestingly enough, the top 10 wallets for each of these cryptos have also shrunk massively, by 2% - 9% within this timeframe, with SHIB wallet holdings falling by 2.4%, LINK by 2.9%, and ETH by a staggering 8.6%.
A shrinking exchange supply
But what does this mean for you as an investor?
Santiment highlighted that this decrease in crypto exchange supplies typically signals a long-term bullish change.
When whales start to withdraw their holdings from exchanges like this, it often means that they are opting to hold onto their assets rather than sell them, in the hopes that the price of said asset will rise soon.
This withdrawal spree also directly affects the dynamics of demand and supply, pushing up prices as demand blazes higher than supply.
This isn’t all.
Shiba Inu's burn rates have also skyrocketed as well, with Shiba Inu recording a staggering spike in burn rates this week.
According to data from Shibburn, 14 June saw a staggering 10,885,723 $SHIB tokens burned in 7 separate transactions.
This pushed the cryptocurrency’s burn rates up by a staggering 1,460.86%.
These developments in terms of burn rates and whale activity paint a bullish picture for Shiba Inu, in a concentrated effort to both reduce supply and push prices up.
Overall, the future seems bright for Shiba Inu, with the cryptocurrency currently attempting a rebound off the $0.0000211 support.
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