Skip to main content

350 Billion Shiba Inu Just Withdrawn From Binance: SHIB Price up 10%
Cover image via stock.adobe.com

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.

An anonymous Shiba Inu whale wallet has made significant moves by withdrawing a staggering 600 billion SHIB, valued at approximately $5.7 million, from Binance. This transaction comes shortly after the same entity withdrew 250 billion SHIB, around $2.3 million, just nine days prior. The consequence of these substantial withdrawals has coincided with a 10% uplift in SHIB’s price, stirring conversations and speculations within the cryptocurrency sphere.

This pattern of withdrawals by a single entity could be indicative of several market strategies. One possible interpretation is a shift toward holding the assets in private wallets, which may suggest a long-term bullish outlook by the whale on the future of SHIB. Such a move might also reflect a strategy to reduce exposure to exchange-related risks, given the recent history of exchange hacks and security breaches.

SHIBUSDT Chart
SHIB/USDT Chart by TradingView

These transactions come at a time when meme coins, like Shiba Inu and its cohort member PEPE, are experiencing an uptick alongside a broader market recovery. The upsurge in SHIB’s price following the withdrawals aligns with this trend. However, while the market’s response may seem encouraging, it is essential for investors to tread with caution. Meme coins are known for their volatility, often experiencing rapid price reversals that can catch investors off guard.

The concentration of such a significant amount of SHIB in a single wallet raises questions about market influence and the potential impact on liquidity. Large-scale movements by whales can lead to price volatility due to the considerable share of the market they represent. Investors and traders should remain vigilant, as such activity could precede market-making moves, either bullish or bearish.

Actions of whales have historically been precursors to significant price action. While some may interpret these withdrawals as a signal of confidence in the meme coin’s future performance, it is necessary to acknowledge that assets like Shiba Inu tend to face massive volatility spikes in either direction.




Source link

admin

Author admin

More posts by admin
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments