Massive 546 Billion Shiba Inu (SHIB) Withdrawn From Binance as Whales Capitulate

1 Mins read

A Shiba Inu whale has made a massive withdrawal of 546 billion SHIB, worth around $9.8 million, from the Binance exchange, according to data from on-chain analytics platform Spotonchain.

According to Spotonchain, a fresh whale withdrew 546 billion SHIB valued at $4.93 million at the time of purchase in recent hours. This transaction was also spotted by other on-chain sources: Lookonchain reported that a fresh wallet had withdrawn 546.34 billion SHIB from Binance in recent hours.

This latest move joins the string of withdrawals from Binance in the last one and a half months. According to Spotonchain, some whales have made significant SHIB withdrawals from Binance during the said period.

In the last one and a half months, five whales, speculatively including Tron Founder Justin Sun, have withdrawn 2.742 trillion SHIB worth around $25.2 million at current prices from Binance.

The cause for the 546 billion SHIB withdrawal from Binance is unknown, but some possible explanations are: the whale might be moving the SHIB to another exchange or wallet or preparing to stake or burn the SHIB to earn rewards or reduce the total supply.

However, for the larger SHIB withdrawals from Binance made by these whales, the presumed logic seems simple: more SHIB was moved off exchanges, presumably to cold storage wallets, as investors became more bullish about the long-term worth of their Shiba Inu holdings.

As reported previously by U.Today, the Shiba Inu supply on exchanges is dropping as more traders and investors prefer to self-custody their Shiba Inu holdings. This shows that investors prefer to hold their assets rather than sell them to reap potential future returns.

This is nevertheless positive because, with less supply on the market, a small rise in demand would swiftly drive prices up.

SHIB was down 6% in the last 24 hours to $0.000009 at the time of writing.


1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Related posts

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥 will not disclose your account information to any 3rd parties.