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July 5, 2024 by Aishwarya shashikumar
A massive whale wallet has accumulated over 583.7 billion Shiba Inu tokens from the crypto exchange Binance. This transaction comes as Shiba Inu (SHIB) slumps to the $0.000015 region. The market is volatile, with prices dropping and investors reacting in varied ways.
On May 29, Shiba Inu hit a high of $0.00002945. It has since fallen 45.87%, breaking the $0.000016 support and hitting a 19-week low. Despite the downturn, some see it as a chance to buy the dip, as shown by the recent whale activity.
Lookonchain highlighted the transaction, which happened at 12:46 UTC yesterday. SHIB was trading at $0.00001666, making the purchase worth $9.725 million. Buying the same amount on May 29 would have cost $17.192 million, a difference of $7.4 million.
This whale didn’t just target Shiba Inu. On-chain data shows a spree of other purchases: 9,425 Ethereum worth $30.15 million, 957.7 billion PEPE valued at $9.84 million, and 16,192 BNB worth $9 million. They also bought FLOKI ($1.56 million), DOGE ($6.95 million), USDT ($40.7 million), and MATIC ($2.81 million). In total, the whale acquired $130 million in crypto within six hours. However, the market drop has reduced the portfolio’s value to $117.8 million. The whale’s holdings have sparked speculation about their next move.
Shiba Inu Sees Exchange Withdrawals
The whale’s purchase is part of a larger trend of SHIB being withdrawn from exchanges. Since June 1, the CryptoQuant SHIB Exchange Netflow metric has shown only seven days of positive netflows, with 26 days of negative netflows. Exchanges have seen 7.823 trillion SHIB in net outflows during this period, the largest since January.
The Crypto Basic has noted several large withdrawals. On June 20, whales took out 2.55 trillion SHIB from Robinhood and Binance. Another report last week confirmed continued outflows. In January, a similar trend preceded a significant price surge. Despite ongoing withdrawals, Shiba Inu remains under pressure, trading at $0.00001584. Analysts still predict a potential recovery.
The crypto market is unpredictable, and this whale’s bold moves may signal a turn. Time will tell if Shiba Inu can bounce back.
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