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The leading memecoin of the cryptocurrency market, Shiba Inu (SHIB), has come back into the spotlight following significant whale transactions. On-chain data shows that recently, 546.34 billion SHIB tokens have been moved, which has attracted the attention of market participants and increased curiosity. The timing of this activity, during a period when the memecoin’s price was falling, made the transactions particularly noteworthy.
Shiba Inu Whale Accumulates SHIB from Binance
According to data compiled by the platform Lookonchain, which simplifies the reading of on-chain data, a new wallet address has today withdrawn 546.34 billion SHIB from the largest cryptocurrency exchange, Binance.
An anonymous wallet address starting with 0xF63… withdrew the said amount of SHIB in two transactions. The wallet address pulled 400 billion SHIB in the first transaction from Binance, and 146.34 billion SHIB in the second transaction.
This move, made during a period when the altcoin’s price was losing momentum and falling, led to speculation that the crypto whale was accumulating SHIB in anticipation of a price increase.
Current Shiba Inu Price Situation
At the time of writing this article, the price of Shiba Inu’s SHIB has faced a significant decrease of 4.37% in the last 24 hours and is currently trading at $0.000009086. Moreover, this decrease is accompanied by a weekly and monthly decline of 12.80% and 9.65%, respectively. All these data reveal that the altcoin has been in a downtrend for a long time.
However, the recent whale transactions may indicate an exciting turning point in the market sentiment surrounding Shiba Inu. The increased accumulation by crypto whales suggests a renewed confidence in SHIB among investors, potentially igniting optimism and anticipation of an upcoming bull market.
