Shiba Inu Whale Withdraws Large Amount of SHIB from Binance
Data indicates that a significant amount of Shiba Inu (SHIB) has been withdrawn from the Binance exchange, potentially impacting the price of the memecoin.
Shiba Inu’s Recent Decline
While Bitcoin has experienced positive growth in 2024, altcoin holders have faced challenges. Shiba Inu, like many other altcoins, has also seen a decline in value. The chart below illustrates the recent performance of the memecoin.
As shown in the graph, Shiba Inu initially crashed with the rest of the market but has failed to recover as Bitcoin did. The coin’s value has dropped by over 12% in the past week.
Shiba Inu’s Market Cap and Ranking
Currently, Shiba Inu is ranked 17th among cryptocurrencies in terms of market capitalization. However, its market cap is only slightly higher than that of Dai, a stablecoin. If the memecoin continues to decline, it could drop to the 18th spot.
A Notable SHIB Withdrawal from Binance
A smart-money tracker account called Lookonchain has observed a significant withdrawal of Shiba Inu from Binance. In the past day, a total of 546.34 billion SHIB, equivalent to approximately $5 million, has been transferred out of the exchange.
These outflows from Binance appear to be going to a newly created address. Given the large amount involved, it is likely that a whale entity is responsible for these transfers.
Potential Positive Development for Shiba Inu
These withdrawals could be seen as a positive sign for Shiba Inu investors. It suggests that the entity behind the transfers is not currently interested in selling the coins on a centralized platform.
Hot Take: Shiba Inu’s Future Amidst Withdrawals
The recent withdrawal of a significant amount of SHIB from Binance raises questions about the future of Shiba Inu. While the memecoin has experienced a decline in value, these withdrawals indicate that there may be some investors who believe in its potential and are holding onto their coins. This could potentially contribute to a turnaround in SHIB’s price if these investors continue to hold rather than sell. However, only time will tell if this optimistic sign will translate into a recovery for Shiba Inu.
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