Thanks to a notable accumulation trend, whales have been igniting the Shiba Inu (SHIB) fire.
According to CryptoQuant data, many SHIB coins have been exiting crypto exchanges in droves, signaling heightened holding, with whales at the center stage.
Specifically, 1.2 trillion SHIB recently left exchanges, which is bullish since this development slashes selling pressure since the coins are transferred to cold storage and digital wallets for future purposes.
Whale interest in Shiba Inu has been going through the roof since the second-largest meme coin is staring at a breakout from a consolidation phase. The upper price limit is $0.000018.
According to CoinGecko data, SHIB was up 8.8% in the past 24 hours to hit $0.00001863 at the time of writing, depicting growing bullish momentum.
The Shiba Inu ecosystem is also witnessing enhanced investor optimism based on the looming launch of the SHIB Doggy DAO Foundation meant to intensify community engagement and decentralization.
Asia Witnesses Skyrocketing Crypto Exposure and Ownership
Crypto exposure on Asian soil has been scaling the heights, given that elites have jumped on the cryptocurrency bandwagon.
According to an Aspen Digital report, 76% of high-net-worth individuals and family offices have already entered the crypto market, and 16% are showing signs of doing so soon.
These statistics show elevated confidence among Asian investors that crypto was destined for greater heights as regulatory progress gained steam. 67% of them were significantly interested in the decentralized finance (DeFi) field.