Shiba Inu ($SHIB) has worked its way back into the top 30 cryptocurrencies by market capitalisation, driven by a notable shift in on-chain behaviour rather than any breakout in price. Whales
Shiba Inu ($SHIB) has worked its way back into the top 30 cryptocurrencies by market capitalisation, driven by a notable shift in on-chain behaviour rather than any breakout in price.
According to CryptoQuant data, exchange balances dropped from 87.96 trillion to 87.18 trillion tokens over the four-day span ending June 29, with net outflows of 781 billion SHIB pointing to sustained accumulation and reduced sell-side liquidity. The withdrawals signal that large holders are moving tokens into private wallets rather than leaving them available for sale on trading platforms.
Despite a heavy downtrend during the final week of June, whales moved to absorb selling pressure and shifted the market into a phase of quiet accumulation. Large players placed a dense limit wall at the $0.00000414 level, halting the token's decline, which stood at -10.27% for the week, and allowing it to regain lost positions in the rankings as competing altcoins weakened.
The token had briefly slipped to 31st place after falling 11.22% over seven days, pushing its price to $0.000004153 and reducing its market cap to approximately $2.44 billion, as Tether Gold (XAUT) moved in to claim the 30th position with a market cap of $2.48 billion. SHIB subsequently reclaimed the 30th spot in CoinMarketCap's rankings.
The withdrawal of billions of tokens into cold storage did not trigger an immediate explosive rally, but it fulfilled a clear strategic purpose: it blocked the decline and secured the marginal gains needed to return to the top 30.
Price action remains contained for now. SHIB is trading in a narrow horizontal range between support at $0.00000414 and local resistance around $0.00000430. Derivatives trading continues to dominate market activity, with futures volume significantly outpacing spot demand, highlighting the market's dependence on short-term speculation rather than sustained buying.
Sources:U.Today: Shiba Inu Re-Enters Crypto Top 30 as Exchange Reserves PlungeCrypto Economy: SHIB Returns to Top 30 While Exchange Balances Hit Multi-Year LowsThe Crypto Basic: Shiba Inu Whales Accumulate 500B SHIB as Price Slump Creates Buying Opportunity
