Surprisingly, unknown whales managed to move 300 billion Shiba Inu tokens from Binance in one go. The reason for such a significant move is questionable given the sheer size of this token migration.
Everyone in the cryptocurrency community is wondering who the owner of the address is and what he is doing after this extraordinary move that has shaken the entire ecosystem.
A more detailed examination of past portfolio activity shows a pattern of major purchases from Binance that occurred in the weeks prior to this notable transfer.
Shiba Inu Whale Wave: Decoding the Unexpected Growth on Binance
Now the question is: who is responsible for this huge transfer?
Verified in the immutable book blockchain, the transaction hash confirms the successful transfer. While this is a profitable maneuver, with a transaction fee of just $3.73, it represents a significant change in the distribution of the meme coin.
The recent accumulation of SHIB by whales is unexpected given that the volume of major transactions on this chain has reportedly declined by 90% since the beginning of November.
SHIB market cap currently at $4.925 billion on the daily chart: TradingView.com
SHIB Downtrend Sparks Speculation: Unpacking Strategic Moves
Over the past few months, the Shiba Inu has experienced regular losses. There are rumors that many SHIB holders are losing money. At the time of writing, the Shiba Inu price is $0.000008, down 1.0% in the last 24 hours.
Market watchers interpreted this as an indication that the market was gradually shifting from Shiba Inu to other cryptocurrency coins.
The aforementioned SHIB movement has shown activity in recent weeks, showing a trend of significant purchases from Binance.
This pattern points to a potential source of strategic accumulation that could impact the coin’s value: providing liquidity, investing, or even planning additional token burns.
In an effort to raise scarcity and possibly affect the value of the coin, token burning – intentionally destroying part of the cryptocurrency supply – has become a popular practice in some crypto projects.
Stockpiling Shiba Inu whales is crucial for the cryptocurrency to maintain its upward movement. SHIB may benefit from this latest move, but further action may be needed to maintain the meme-coin’s momentum.
Source: Etherscan
Another unexpected news was Upbit, a leading cryptocurrency exchange in South Korea raise in Shiba Inu (SHIB) tokens. currently standing at an astounding SHIB 84 billion, or over $700,000.
Today’s moves are noteworthy as they represent over 25% of SHIB volume on Upbit. This has raised suspicions about the exchange’s intentions and whether Korea’s vast CEX is preparing for a major event involving Shiba Inus.
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Featured image from Freepik
