A major Shiba Inu (SHIB) development has stunned the overall crypto community. This is a bullish move from SHIB whales as they aim to push prices higher. It will give strong support to the Shiba Inu price, which has been struggling in the recent past.

The second-largest meme coin has witnessed huge outflows from crypto exchanges. Around 653 billion Shiba Inu tokens, according to CryptoQuant, were taken out of these trading platforms on Aug. 1. This is the largest SHIB outflow since July 19, when the market witnessed outflows of over one trillion coins.

What does this mean for Shiba Inu price?

A rise in exchange outflows is a positive indicator, as it reflects bullish market sentiment. When crypto holders withdraw a large amount of coins, in this case 653 billion SHIB tokens, it means that they want to hold their assets. It is typically done to store the coin for the long term, which basically means that the market is not witnessing sell-offs.

As it causes a shortage of coins available on exchanges, the current supply decreases for the time being. This means that there will not be any selling pressure, and market demand will increase. It will eventually push the SHIB price to higher levels, especially if this trend remains consistent.

Shiba Inu’s current market sentiment

As of this publication, the price of Shiba Inu is down 2.17% as it stands at $0.00001554. Today’s dip follows a similar pattern of consolidation, which SHIB has been seeing in recent days. However, the trading activity of the meme coin has witnessed a remarkable surge today.

The 24-hour trading volume of SHIB has soared 22.93% to $264.35 million. It highlights rising investor confidence in the market. Moreover, it comes at a time when Shiba Inu is witnessing increasing exchange flows, which paints a clearer picture of the positive sentiment on the market.