Shiba Inu Whales Trigger SHIB Price Rally With Million Dollar Withdrawals
Cover image via www.freepik.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.

Billions of Shiba Inu (SHIB) tokens have unexpectedly found their way off major crypto exchanges in the last 24 hours. According to data from Etherscan, a trio of unknown new addresses emerged on the scene, orchestrating massive withdrawals from both Binance and Coinbase, two major players in the crypto exchange space.

The first in this anomalous chain of large SHIB transfers was address “0x6dF.” Over the past 24 hours, this address has withdrawn 71.832 billion SHIB from the Coinbase hot wallet, an amount equivalent to almost $2 million. The entire volume of cryptocurrency was transferred to this address in four different tranches and did not move anywhere else.

""
Source: Etherscan

The next was address “0xf77,” which withdrew 37.139 billion SHIB from Binance, the world’s largest crypto exchange, in a single transfer equivalent to $977,510. The address is also new, and no further transactions were made.

The third was “0x591,” which withdrew over 75 billion Shiba Inu tokens from Coinbase in the past 24 hours in five different tranches for an equivalent amount of over $2 million.

Shiba Inu (SHIB) price outlook

It is worth noting that Shiba Inu tokens worth over $5 million overall were withdrawn from Coinbase and Binance, while the price of the popular meme cryptocurrency was experiencing significant perturbations. 

Over the past day, the price of SHIB lost another 11% as part of the ongoing decline over the past week. After stopping at $0.0000255, the price of Shiba Inu token found its local bottom and saw a buyer’s reaction that took the quotes up by 7.8%. 

""
SHIB to USD by CoinMarketCap

Did the withdrawal of Shiba Inu token from exchanges by the aforementioned whales affect the rebound in its price quote? 

Probably yes, if these tokens were bought and intentionally withdrawn from platforms, which traditionally signals bullish activity by big players. However, it remains to be seen if such cases will arise again and what will happen to the SHIB price in the end.

Leave a Reply

Your email address will not be published. Required fields are marked *