#ShibaInu #CryptoNews #Binance #Bitcoin #CryptoMarket #WhaleMoves #ShibaInuPrice #CryptoCurrency
Data indicates that a significant amount of Shiba Inu (SHIB) cryptocurrency has been pulled out of the Binance exchange by a whale investor. This withdrawal is touted to have a constructive influence on the price of the memecoin. The move comes amid the shine of Bitcoin’s successful run beyond the $45,000 benchmark in 2024, despite the performance of altcoins remaining shaky.
As the chart illustrates, Shiba Inu’s trajectory this year has been rather tumultuous, with the coin plunging in value. The coin plunged further even after the overall market began to recover after a crash. In recent days, the memecoin’s value plummeted to around $0.00000850, but has since rebounded to approximately $0.00000917. The total decline for the past week is a disappointing over 12%. As it stands, Shiba Inu is currently only the 17th largest cryptocurrency, causing possible concerns about a potential risk of the coin slipping further.
Following the rather dismal performance, SHIB holders may see a glimmer of hope. A relatively large withdrawal of the memecoin has been noted from the Binance exchange. According to data from Lookonchain, a smart-money tracker account, approximately 546.34 billion SHIB, equating to nearly $5 million at current prices, was removed in two transfers. The receiving address appears to be newly created, signaling the likelihood of major whale involvement.
These withdrawals, either by a new whale investor securing their purchases into self-custody for long-term holding, or an existing investor moving their assets, bring potentially good news for the SHIB value as it suggests that these coins will not be sold on a central platform for the time being. Amidst general market uncertainties, such whale moves can provide moments of optimism.
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