Shiba Inu whales have caused speculation within the community again. This time, a whale holding immense sway due to its vast SHIB holdings has executed two jaw-dropping withdrawals from Binance within a short span.
The first transaction saw the withdrawal of 250 billion SHIB ($2.2 million) on November 24. This was followed by a second transaction of 600 billion SHIB ($5.3 million) on December 4. Lookonchain (@lookonchain), a blockchain analytics firm on X, reported these transactions.
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This audacious move, totaling a staggering 850 billion SHIB, has sent ripples through the market. This whale transaction comes before the price uptick experienced by SHIB, triggering a torrent of speculation.
A fresh whale wallet withdrew 600B $SHIB($5.7M) from #Binance in the past 30 minutes.
Another wallet of this whale also withdrew 250B $SHIB($2.3M) from #Binance 9 days ago.https://t.co/mnZCbJne7khttps://t.co/DaUz1VaLAL pic.twitter.com/Hr5yE8ltKc
— Lookonchain (@lookonchain) December 4, 2023
Did the Whale Cause the SHIB Surge?
The community is divided on the motives of this new Shiba Inu whale. One popular theory suggests a long-term bullish bet on SHIB. By transferring their tokens to a private wallet, the whale might be signaling confidence in SHIB’s future potential and a commitment to holding for the foreseeable future.
This could also be a calculated move to mitigate the risks of crypto exchanges, as other exchanges, like Mixin Network, were hacked recently.
The whale could also be consolidating its holdings in preparation for a future move, potentially a large-scale trade or a strategic partnership. This move could involve injecting liquidity into a decentralized exchange or even influencing the development of the Shiba Inu ecosystem.
These withdrawals also coincide with a broader meme coin rally. SHIB’s price surge, mirroring the uptick in its fellow meme coin PEPE, appears to be riding this wave of renewed interest. However, meme coins are notorious for volatility.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: What 100 Million SHIB Will Be Worth When Shiba Inu Price Hits $0.001 Or $0.01
Whales in the SHIB ecosystem have triggered concerns about market manipulation and potential liquidity issues. Whales like this investor, with their substantial Shiba Inu stake, could significantly influence prices through their trading activity. Investors and traders should be cautious and monitor for signs of the whale’s market-making moves, which could drive prices sharply upwards or downwards.
This whale’s actions have set the stage for a thrilling but unpredictable ride. Whale movements often trigger speculation in the Shiba Inu community. The most recent of these was a transaction involving 4.4 Trillion SHIB, which triggered speculation of bulls attempting to erase one zero.
However, SHIB has not succeeded in erasing the zero, reaching a peak of $0.000009518 last month. SHIB is trading at $0.000008942, up 5.59% in 24 hours. But there are reasons to hope, as Bollinger Bands recently signaled a 380% surge for SHIB.
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