Hundreds of Billions of Shiba Inu (SHIB) Sent to Binance – Are Whales Depositing Back?
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Data provided by Etherscan and posted on Twitter by the @shibaplay_ handle shows that over the past 24 hours, whales have been active in sending their meme Shiba Inu tokens to the Binance exchange.
Four large transactions were detected, moving a total of close to 800 billion SHIB, their details shared on Etherscan. These transactions took place after CEO of Binance Changpeng Zhao (known as simply CZ), tweeted that the situation with massive withdrawals from Binance wallets had more or less stabilized, and deposits began coming back to Binance wallets.
750 billion SHIB on move, are whales re-depositing to Binance?
Four transactions were mentioned, each carrying from 150 billion to 207.8 billion Shiba Inu. A total of 207,208,495,544 SHIB was deposited to a Binance wallet from an unknown address. This SHIB lump is evaluated at $1,846,227. Another similar chunk of meme coins was shifted between anonymous wallets.
Finally, 150,000,000,000 SHIB worth $1,336,500 was again sent to the Binance exchange.
Whale alert 🚨: 207,208,495,544 $SHIB transferred.
— ShibaPlay (@shibaplay_) December 14, 2022
check details 👇🏻 https://t.co/1E69oYb1BD
Alex DovbnyaCZ says deposits gradually coming back
On Dec. 14, CZ of Binance took to Twitter to announce that the situation regarding massive withdrawals from the exchange had stabilized and deposits started coming back in. U.Today reported that, at one point, around $800 million in Ethereum net inflows were registered.
Over the previous day, investors and traders were actively converting BNB and BUSD into Ethereum and ERC20 tokens to withdraw them to cold wallets or other exchanges. The BNB price dropped significantly. Within one day, close to $2 billion worth of crypto withdrawals was processed.
However, CZ tweeted that the exchange faced bigger withdrawals during the periods in which FTX and LUNA crashed, and the aforementioned funds movements were not even in the top five biggest withdrawals they witnessed.
The withdrawals began after the U.S. prosecutor's office announced it was considering charging Binance with money laundering. CZ commented on that, claiming that it was FUD ("fear, uncertainty, doubt").
Related articles
Gamza Khanzadaev
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin