Gamza Khanzadaev
Massive Shiba Inu exodus from major exchanges coincides with SHIB price uptrend
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Billions of Shiba Inu (SHIB) tokens have unexpectedly found their way off major crypto exchanges in the last 24 hours. According to data from Etherscan, a trio of unknown new addresses emerged on the scene, orchestrating massive withdrawals from both Binance and Coinbase, two major players in the crypto exchange space.
The first in this anomalous chain of large SHIB transfers was address “0x6dF.” Over the past 24 hours, this address has withdrawn 71.832 billion SHIB from the Coinbase hot wallet, an amount equivalent to almost $2 million. The entire volume of cryptocurrency was transferred to this address in four different tranches and did not move anywhere else.
The next was address “0xf77,” which withdrew 37.139 billion SHIB from Binance, the world’s largest crypto exchange, in a single transfer equivalent to $977,510. The address is also new, and no further transactions were made.
The third was “0x591,” which withdrew over 75 billion Shiba Inu tokens from Coinbase in the past 24 hours in five different tranches for an equivalent amount of over $2 million.
Shiba Inu (SHIB) price outlook
It is worth noting that Shiba Inu tokens worth over $5 million overall were withdrawn from Coinbase and Binance, while the price of the popular meme cryptocurrency was experiencing significant perturbations.
Over the past day, the price of SHIB lost another 11% as part of the ongoing decline over the past week. After stopping at $0.0000255, the price of Shiba Inu token found its local bottom and saw a buyer’s reaction that took the quotes up by 7.8%.
Did the withdrawal of Shiba Inu token from exchanges by the aforementioned whales affect the rebound in its price quote?
Probably yes, if these tokens were bought and intentionally withdrawn from platforms, which traditionally signals bullish activity by big players. However, it remains to be seen if such cases will arise again and what will happen to the SHIB price in the end.
About the author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educating more people about cryptocurrencies and blockchain.
Tags: Shiba Inu Whales Trigger SHIB Price Rally Million Dollar Withdrawals
