Shiba Inu Bullish Signal: Whale Withdraws $34.7M In SHIB From Binance

Keshav Verma

1 year ago

3 mins read

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Data shows a Shiba Inu whale has withdrawn $34.7 million in SHIB from Binance, a sign that could be bullish for the price of the meme coin.

Shiba Inu Whale Transfers Out 4,000,000,000,000 SHIB From Binance

As per data from the crypto transaction tracker service Whale Alert, a massive Shiba Inu transfer has taken place during the past day. This transaction involved the movement of 4,000,000,000,000 SHIB on the Ethereum blockchain, worth about $34.7 million at the time of the transfer.

Since the transaction here is so large, it’s likely that the entity behind it was a whale. Sometimes, movements from this cohort can have visible impacts on the market due to the sheer scale involved in them. But how the price would respond to their moves depends on what their intention was with the transfer in question.

Here are some additional details surrounding this Shiba Inu whale transaction that may help form a more complete picture regarding the intent behind it:

This massive SHIB transfer seems to have only taken a fee of $1.44 to go through on the Ethereum blockchain | Source: Whale Alert

As you can see above, the sending address for this transfer was a wallet affiliated with the crypto exchange Binance, while the destination of these coins was a wallet attached to the SHIB Staking service. Staking is a process that involves investors locking a number of tokens into a contract for some duration of time and earning some rewards for it in return.

Since the Shiba Inu whale moved this massive stack from an exchange (which investors keep coins on to prepare for dumping) to this staking contract, it’s likely that this humongous investor plans to hold onto these coins for an extended period. This would suggest that the whale is bullish on the prospects of the meme coin at the moment.

Such HODLing conviction could prove to be constructive for the price itself in the long term. Also, in the past day, the 100 biggest Ethereum whales have also gone around shopping for SHIB, as data from WhaleStats displays below. Naturally, such accumulation from the whales is also a positive sign for the asset’s value.

https://twitter.com/WhaleStats/status/1612624257493745668

An interesting thing about these latest whale developments is that they have taken place while the crypto’s price has been rallying upwards.

Usually, some whales try to dump while they can during profit-taking opportunities like now (thus providing impedance to the rally in the process), but as they have been accumulating instead, it shows that they believe this rally could go on a while still, and thus further provides evidence of their conviction in the coin.

SHIB Price

At the time of writing, Shiba Inu is trading around $0.00000923, up 13% in the last week.

Looks like the meme coin has caught some sharp uptrend in recent days | Source: SHIBUSD on TradingView

Featured image from Todd Cravens 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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