Shiba Inu (SHIB) Cold Wallet: Will It Spark Bullish Price Action?

Shiba Inu (SHIB) price is up 5% since dropping to a one-month low of $0.0000084 on May 24. On-chain data reveals that SHIB holders are starting to move tokens off exchanges. Will this supply crunch trigger a price rally in the coming days?

On May 29, Shiba Inu (SHIB) will launch the much-anticipated native cold wallet, developed in collaboration with Tangem, a Switzerland-based blockchain firm.

Stakeholders anticipate that this would accelerate Shiba Inu’s global adoption while encouraging self-custody among SHIB holders. The current on-chain data trends appear to support these claims. Would this impact SHIB’s price positively in the coming days?

SHIB Holders Are Moving Coins off Exchanges

Shiba Inu (SHIB) investors appear to have started a dress rehearsal for the upcoming cold wallet launch. On-chain data shows that SHIB holders have been increasingly moving their tokens off exchanges in recent weeks.

Specifically, the chart below illustrates how the total SHIB Balance on Exchanges has reduced by 92 billion tokens between May 16 and May 29.