Shiba Inu Ripple: Massive $300 Billion Transfer Sends Crypto Community Into Speculation
2023年12月1日 - 7:24PM
NEWSBTC
Surprisingly, unknown whales have managed to move 300 billion Shiba
Inu tokens from Binance in one big swoop. The reason for such a
significant transfer is questionable given the sheer size of this
token migration. Everyone in the cryptocurrency community is
wondering who the address owner is and what they’re up to after
this unusual move sent shockwaves across the ecosystem. Examining
the wallet’s past activity in more detail indicates a pattern of
major purchases from Binance that occurred over a few weeks prior
to this noteworthy transfer. Related Reading: USTC Explodes 335% In
Fresh Bullish Streak – What’s Pushing The Price Up? Shiba Inu Whale
Surge: Decoding The Unexpected Spike On Binance Now, the question
is: Who is responsible for this enormous transfer? Verified in the
immutable ledger of the blockchain, the transaction hash attests to
the successful transfer. Despite being a cost-effective maneuver,
with a transaction charge of only $3.73, it signifies a substantial
change in the meme coin’s distribution. The recent whale
accumulation of SHIB is unexpected considering that the volume of
major transactions on the chain has supposedly decreased by 90%
since early November. SHIB market cap currently at $4.925 billion
on the daily chart: TradingView.com SHIB Downtrend Sparks
Speculation: Unpacking Strategic Moves Over the previous few
months, Shiba Inu has experienced frequent losses. There have been
rumors circulating that many SHIB holders are losing money. As of
this writing, the price of Shiba Inu is $0.000008, down 1.0% in the
last 24 hours. Market observers have interpreted this as an
indication that the market is gradually shifting from Shiba Inu to
other cryptocurrency coins. The aforementioned movement of SHIB has
demonstrated activity in recent weeks with a trend of significant
purchases from Binance. This pattern points to a potential source
of strategic amassing that could affect the coin’s value:
provisioning of liquidity, investments, or even planning for
additional token burns. For the purpose of increasing scarcity and
maybe influencing the coin’s value, token burns—the purposeful
destruction of a portion of the cryptocurrency supply—have become a
popular practice in some crypto projects. Shiba Inu whale
stockpiling is essential to the cryptocurrency’s ability to sustain
upward movements. SHIB may benefit from this most recent action,
but more could be needed to maintain the meme-coin’s momentum
moving ahead. Source: Etherscan In other unexpected news, Upbit,
the top cryptocurrency exchange in South Korea, saw a surge in
Shiba Inu (SHIB) tokens today, amounting to an astounding 84
billion SHIB, or more than $700,000. Related Reading: Mark Your
Calendars: Bitcoin To Hit $100,000 By End Of 2024, Standard
Chartered Says The movements of today are noteworthy because they
make up more than 25% of the SHIB volume on Upbit. This has raised
suspicions regarding the intentions of the exchange and whether the
large Korean CEX is getting ready for a big development involving
Shiba Inus. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Freepik
SHIBA INU (COIN:SHIBUSD)
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SHIBA INU (COIN:SHIBUSD)
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