Shiba Inu Whale Withdraws $60 Million In SHIB From Binance, Bullish?

Keshav Verma

1 year ago

3 mins read

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Data shows a Shiba Inu whale has made several withdrawals from the crypto exchange Binance in the past day. Here’s what this may mean.

Shiba Inu Whale Gradually Transferred Coins Out Of Binance Today

As per data from the crypto transaction tracker service Whale Alert, several sizeable Shiba Inu transactions have been spotted on the Ethereum blockchain during the past day. In total, there were 10 different transfers, each ranging between $5.7 million to $6.4 million in value.

Such large transactions are usually a sign of movement from the whales, and due to the large scale involved in them, transfers like these have the potential to cause noticeable effects on the market.

Now, which way any transaction would move the market depends on the exact intent behind it. Why did the whales make 10 transfers so large today? The answer to that question may be found in the full details surrounding these transactions.

Below is the data for the earliest of the Shiba Inu whale transfers that took place within the past day:

Looks like this massive movement of coins on the Ethereum blockchain required a fee of just $3.7 to be possible | Source: Whale Alert

As can be seen above, this Shiba Inu whale transfer involved a movement of 499,999,668,400 SHIB from an address attached to the cryptocurrency exchange Binance, to an unknown address. “Unknown” addresses are those that aren’t affiliated with any known centralized platform, and are thus assumed to belong to investors’ personal wallets.

Transfers like these, where coins move from centralized exchanges to offsite wallets, are called “exchange outflows.” Usually, investors make outflows to hold onto their coins for extended periods, so this kind of trend can be bullish for the meme coin’s value.

Now, what about the other transfers? Here is the data for the whale transaction that took place next:

This transfer seems to have taken a fee of only $2.9 | Source: Whale Alert

Interestingly, both the sending and receiving addresses in this Shiba Inu transfer were exactly the same as the ones in the other one. In fact, as it turns out, all but two of the 10 transactions involved the same pair of addresses.

The two transactions that didn’t exactly match still had the same receiving address, implying that the entity involved in all of the 10 transfers was likely the same whale.

It’s currently unclear why the whale gradually made these transfers over the last 24 hours, instead of making a couple of large transactions to get the entire stack off at once, given that the addresses involved here were mostly the same.

As for how this combined $60 million move might affect the price, it depends on whether the whale truly intends to accumulate these coins, which would be bullish, or if the investor is planning to sell through over-the-counter (OTC) deals. Naturally, Shiba Inu could feel a bearish pressure from the latter.

SHIB Price

At the time of writing, Shiba Inu is trading around $0.00001241, up 7% in the last week.

SHIB has risen in the past day | Source: SHIBUSD on TradingView

Featured image from Ferhat Deniz Fors on Unsplash.com, chart from TradingView.com

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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