A new whale address has amassed an impressive 583.7 billion Shiba Inu tokens from Binance amidst SHIB’s recent decline to the $0.000015 range. This acquisition forms part of a broader frenzy of accumulation by the whale, coinciding with a period of market turbulence. Prices have continued to plummet, eliciting varied responses from investors.
Shiba Inu has undergone a significant 45.87% drop from its peak of $0.00002945 on May 29, breaching the $0.000016 support level and hitting a 19-week low. Interestingly, some market participants view this downturn as a buying opportunity, as evidenced by recent market movements.
Whale Procures 583.7 Billion SHIB from Binance
According to data highlighted by Lookonchain, the transaction for 583.7 billion SHIB occurred at 12:46 UTC yesterday. At that time, Shiba Inu was trading at $0.00001666, making the purchase worth approximately $9.725 million. Acquiring the same tokens at the May 29 peak would have cost $17.192 million, indicating a difference of $7.4 million.
On-chain data reveals that this whale’s interests extend beyond Shiba Inu to several other assets. Notable among these are 9,425 Ethereum valued at $30.15 million, 957.7 billion PEPE worth $9.84 million, and 16,192 BNB valued at $9 million. Additionally, the whale acquired FLOKI ($1.56 million), DOGE ($6.95 million), USDT ($40.7 million), and MATIC ($2.81 million), amounting to a total crypto purchase of $130 million within a six-hour period. However, due to the recent market downturn, the value of the multi-chain portfolio has decreased to $117.8 million. The whale’s decision to hold onto these tokens has sparked speculation regarding future actions.
Whale Multichain Portfolio | Etherscan
Shiba Inu Witnesses Exchange Withdrawals
Recent transactions involving Shiba Inu highlight a trend of withdrawals from exchanges over the past month. Interestingly, investors have been consistently withdrawing SHIB tokens from exchanges, indicating bullish sentiment.
Since June 1, the CryptoQuant SHIB Exchange Netflow metric has recorded only seven days of positive netflows, contrasting with 26 days of negative netflows. Notably, exchanges have experienced a net outflow of 7.823 trillion SHIB during this period, marking the largest withdrawal from exchanges since January.
Shiba Inu Exchange Netflows | CryptoQuant
Crypto Basic has drawn attention to multiple instances of exchange outflows, particularly noting that on June 20, whales withdrew 2.55 trillion SHIB from Robinhood and Binance. A subsequent report confirmed ongoing reductions in exchange reserves due to these net outflows.
Historically, a similar reduction in reserves in January preceded a significant surge in Shiba Inu’s value the following month. However, despite the recent withdrawals, market pressures have kept Shiba Inu’s current trading price at $0.00001584. Analysts remain cautiously optimistic about a potential recovery.
Disclaimer: This article provides informational content and does not constitute financial advice. Any opinions expressed herein are solely those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making investment decisions. The Crypto Basic assumes no responsibility for financial losses incurred based on the information provided.