A new crypto whale withdrew a hefty 237 billion SHIB from Binance shortly after Tron founder Justin Sun sent 577 billion SHIB from the leading exchange to his personal wallet.
Top cryptocurrency whales have been accumulating huge amounts of Shiba Inu (SHIB) in recent times. Interestingly, these whales have used Binance, the world’s largest crypto exchange by 24-hour trading volume, as their major trading platform for acquiring the canine-themed token.
New Whale Withdraws 237B SHIB
As crypto whales continue to showcase widespread interest in Shiba Inu, a new investor has withdrawn a whopping 237,868,630,126.75 (237.86 billion) SHIB from Binance.
The withdrawal, which took place 17 hours ago, occurred in two tranches. For the first transaction, the anonymous whale withdrew 49.02 million SHIB tokens ($524) yesterday at exactly 12:21 UTC.
A few minutes later, the user behind the address sent another 237.81 billion SHIB ($2.54 million) from Binance. At press time, the withdrawals are the only transactions recorded on the wallet. Although the withdrawals occurred yesterday, on-chain data shows that the wallet still holds the withdrawn SHIB.
Interestingly, Shiba Inu is the only crypto asset in the wallet. It remains unknown how long the whale plans to hold the newly acquired SHIB tokens. However, the Shiba Inu community speculates that the whale withdrew the tokens in anticipation of a potential rally in the asset’s price.
Massive Outflow of SHIB From Binance
Meanwhile, the transaction marks the latest withdrawal of large amounts of SHIB tokens from Binance. Whales have been withdrawing massive amounts of SHIB from the world’s largest crypto exchange.
It is interesting to note that prominent crypto entrepreneur and Tron founder Justin Sun recently withdrew over 577B SHIB from Binance.
In the past month, two unknown whales also sent 850B SHIB and 543.3 SHIB from the world’s largest exchange to their wallet addresses.
The massive withdrawal of SHIB from Binance is a bullish indicator for the canine-themed token, as it suggests that these investors are interested in holding the crypto asset for the long term.
In the meantime, SHIB was changing hands at $0.00001070, up 1.3% over the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
