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Massive 546 Billion Shiba Inu (SHIB) Withdrawn From Binance as Whales Capitulate

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Mon, 8/01/2024 - 10:59
Massive 546 Billion Shiba Inu (SHIB) Withdrawn From Binance as Whales Capitulate
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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.

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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 This transaction was also spotted by other on-chain sources: Lookonchain reported that a fresh wallet had withdrawn 546.34 billion SHIB from Binance in recent hours.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In the last one and a half months, five whales, speculatively including Tron Founder Justin Sun, have withdrawn 2.742 trillion SHIB worth around $25.2 million at current prices from Binance.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.

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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.

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