New Wallet Accumulate a Whopping 583B Worth of SHIB from Binance
During a period of market volatility and decreasing prices, a large whale wallet acquired 583.7 billion Shiba Inu tokens from the crypto exchange Binance, coinciding with a decline in Shiba Inu’s value to the $0.000015 range.
This acquisition, valued at $9.725 million at the time of purchase, occurred when Shiba Inu experienced a significant 45.87% drop from its high of $0.00002945 on May 29th, breaching the $0.000016 support and reaching a 19-week low. Despite this downturn, recent market activity suggests that some investors view the situation as a potential buying opportunity.
On-chain data revealed that the whale was not exclusively interested in Shiba Inu but also acquired a variety of other assets, amassing a total portfolio value of $130 million within a six-hour period. However, the market decline led to a reduction in the portfolio value to $117.8 million.
Furthermore, over the past month, there have been a series of consistent withdrawals of Shiba Inu tokens from exchanges, with 26 days of negative netflows and only seven days of positive netflows recorded since June 1. This trend has resulted in a total exchange net outflow of 7.823 trillion SHIB, signifying a substantial decrease in exchange reserves.
It’s worth noting that a similar reduced reserve trend correlated with an increase in Shiba Inu’s value when observed in January. Despite the recent withdrawals, Shiba Inu continues to trade at $0.00001584, with analysts projecting a potential recovery.
Follow us on Twitter, Facebook, Telegram, and Google News
Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
