SHIB The whale is on the move – what’s going on?

Over 11 trillion SHIBs have left exchanges in the last eight months.
The SHIB price rise stopped with a drop of more than 2%.

Shiba Inu (SHIB) has experienced notable price movements in recent weeks. However, changes observed in certain on-chain metrics over the past few months have proven to be much more interesting.
This change can be attributed to significant accumulation over the past few months.
Whale begins accumulating Shiba Inu
There has been a notable accumulation of Shiba Inu by both new purses and whales in recent days and months.
A recent post from Lookonchain demonstrates this. In particular, Justin Sun was identified as one of the holders who had accumulated SHIB.
Sun withdrew 577 billion SHIB worth $6 million. According to Etherscan, it was withdrawn from Binance on December 18th and 19th.
In addition, two other whales also withdrew significant amounts. One whale withdrew SHIB 850 billion (about $7.5 million) and the other whale withdrew SHIB 543.3 billion (about $5.8 million).
New wallets also joined the trend, withdrawing over 237 billion SHIB worth approximately $2.56 million on December 22.
These withdrawals overall suggest a general trend of accumulation. How has this activity affected the overall supply of SHIB on the exchange?
Shiba Inu exchange supply
When first observed, there was a noticeable decrease in the supply of Shiba Inus on the exchange. Analyzing the Santiment chart, it shows a continuous downward trend since around April.
Quantifying this decline, trading volume has fallen from over 80 trillion in October to around 78.2 trillion. Looking back to April, the contrast is even more stark, with the number exceeding 89 trillion.
Source: Santiment
This decline in exchange supply is closely related to the accumulation trend seen on Etherscan. The significant impact on exchange supply suggests a pattern commonly observed when the market prepares for a bullish trend or potential bullish trend.

Read Shiba Inu (SHIB) Price Forecast for 2023-34

SHIB price trend
The daily time frame chart shows a break in the continuous upward price trend for Shiba Inu. A closer look at the chart shows that the price of SHIB has been rising for three consecutive days, most notably on December 22, when it rose by 4.70%.
However, at the time of writing, the current situation shows that the value has fallen by more than 2%. Interestingly, despite this decline, the Relative Strength Index (RSI) still appears to be maintaining a bullish trend.