Data shows that the Shiba Inu whale withdrew $34.7 million from SHIB through Binance, a sign that could be worse for the meme coin’s price.
Shiba Inu Whale Transfers 4,000,000,000,000 SHIB from Binance
According to data from crypto trade tracking service Whale Alert, a large Shiba Inu transfer has taken place in the past day. This transaction involves the transfer of 4,000,000,000,000 SHIB to the Ethereum blockchain, amounting to approximately $34.7 million at the time of transfer.
Since the business here is big, it is likely that what is behind it is a whale. Sometimes the movement of this group can have a noticeable effect on the market because of their size. But how the price will react to their movements depends on their intentions and the transfer in question.
Here are some other details about the Shiba Inu whale business that can help create a better understanding of the purpose behind it:
As you can see above, the sending address of this transfer is a wallet connected to the Binance crypto exchange, while the destination of these coins is a wallet connected to the SHIB Staking service. Staking is a process that involves investors locking a certain number of tokens into a contract for a certain period of time and receiving a reward in return.
Since the Shiba Inu whale moved this huge collection through the exchange (in which investors keep coins for disposal) and the contract is paid, it is likely that this big businessman is doing plan to hold these coins for a long time. This would indicate that whales are optimistic about the prospects for meme coins at this time.
Such HODLing decisions can be very constructive for the price itself in the long run. In addition, in the past day, 100 Ethereum whales were also traded for SHIB, as data from WhaleStats shows below. Naturally, such a collection of whales is also a good sign for the value of the treasure. The interesting thing about the latest whale developments is that they caused the price of crypto to rise.
Most of the time, some whales try to dump where they can get an advantage as of now (blocking the party in the process) but as they build up instead it shows that they believe in this party may still continue for a while, and thus gives evidence that they believe in the game.