Massive Shiba Inu Holder Speaks Up: Transfers 39,999,203,056 SHIB to Binance
A significant event has unfolded in the cryptocurrency world as a major Shiba Inu (SHIB) whale has offloaded approximately 39.99 billion SHIB tokens to Binance, causing a notable impact on the market.
The whale, who has been inactive for around seven months, made this move in a single large transaction, signalling a major exit or preparation to sell on the exchange. The transfer was worth roughly $491,590 at the time, and it triggered a sharp 16.4% drop in SHIB's price due to increased selling pressure and liquidity concerns.
This wallet had accumulated 60 billion SHIB months earlier via Binance hot wallets and had previously sold portions of 20 billion SHIB each before this large recent deposit. The timing of this move is critical as SHIB's price had dropped over 65% from its February peak, and the whale's sudden, large transfer contributed to heightened bearish pressure and market anxiety, exacerbating the coin’s price weakness around $0.0001240.
Market watchers see this move as possible strategic selling or liquidity provision, with uncertainty whether the whale plans to sell immediately or use the tokens for other purposes such as staking or liquidity pools. The transfer and subsequent price impact reflect broader issues: reduced whale activity, lacking institutional support, and market skepticism about SHIB's long-term viability amid a crypto sector favoring utility tokens.
With SHIB down by over 65% from its February peak, nearly 40 billion are being offloaded in one go. The wallet holding SHIB tokens now holds almost just one ETH, and the total value of the wallet's address is approximately $3,573. The current price of Shiba Inu coin (SHIB) is around $0.0001240. It's worth noting that the wallet had originally received 60 billion SHIB from various Binance hot wallets around eight months ago, suggesting a slow accumulation strategy.
The outlook for SHIB remains bearish due to this whale's divestment and the resulting downward price momentum. Market participants remain cautious, watching for further whale moves that could cause additional volatility. As of now, no substantial support for SHIB has been identified unless buyers emerge soon.
The whale, who previously accumulated 60 billion SHIB tokens, offloaded approximately 39.99 billion SHIB tokens to Binance, triggering a significant drop in the coin's price. A single large transaction from an inactive wallet for around seven months could indicate strategic selling or liquidity provision, adding to the bearish market sentiment. The wallet now holds nearly just one ETH, with a total value of approximately $3,573, due to this divestment. Cautious market participants keep a close eye on whale moves that could potentially cause more volatility in the future. Some doubt the long-term viability of SHIB amidst a crypto sector favoring utility tokens and lacking institutional support. In the meantime, crypto trading continues to revolve around these significant events, with various users investing in Bitcoin, Ethereum, and other crypto assets, hoping to benefit from the ongoing developments in the world of finance and technology.
