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HomeCrypto NewsMarket'Smart Money' Withdraws 2.2 Trillion Shiba Inu From Binance

‘Smart Money’ Withdraws 2.2 Trillion Shiba Inu From Binance

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Popular crypto tracking service Whale Alert has reported the movement of 2.28 trillion Shiba Inu (SHIB) tokens from Binance to an unknown wallet.

Shiba Inu whales have been active in recent times as they continue to move sizable amounts of SHIB. Most of these large SHIB movements involve the withdrawal of SHIB tokens from centralized exchanges like Binance. 

Anonymous Whale Withdraws 2.28T SHIB From Binance 

In a tweet yesterday, Shiba Inu’s marketing specialist Lucie called attention to one of these massive SHIB movements shared by Whale Alert.

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According to on-chain data, an anonymous Shiba Inu whale withdrew a whopping 2,283,700,000,000 (2.28 trillion) SHIB tokens from Binance, the world’s largest crypto exchange by 24-hour trading volume.

The transaction, which took place yesterday at 10:20 UTC, was valued at approximately $23.58 million. Apparently, the anonymous whale first accumulated the canine-themed on Binance before withdrawing the funds to an external wallet. 

Shiba Inu Marketing Lead, Reacts 

As expected, the transaction attracted the interest of Shiba Inu community members, including the marketing lead of the cryptocurrency.

Commenting, Lucie called attention to the transaction, saying:

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“Smart money understands where the people are.”

At the time of writing, the 2.28 trillion SHIB tokens are still held in the receiving address, and SHIB ranks as the fourth-biggest asset in the wallet.

Per data from Etherscan, the unlabeled wallet holds $63.27M worth of MATIC, $35.5M in FDUSD, $25M in FTM, and $23M Worth of SHIB.

Following the withdrawal of 2.28T SHIB from Binance, it is expected that the user behind the transaction intends to hold the tokens for the long term.

Whales Show Massive Interest in SHIB 

It is worth mentioning that crypto whales have recently shown significant interest in SHIB. The recent transaction follows the trend of whales moving huge amounts of SHIB.

On December 25, an anonymous whale transferred 4,239,147,213,294 (4.23 trillion) SHIB tokens to another unlabeled address.

Additionally, a new whale also withdrew 237 billion SHIB tokens from Binance over the weekend. Last week, Tron founder Justin Sun’s wallet recorded its first Shiba Inu transaction by receiving 577 billion SHIB ($6 million) in two transactions.

SHIB Remains Above $0.00001

In the meantime, SHIB has continued to trade above the $0.00001 price level for nine consecutive days. Despite Bitcoin’s recent pullback to $42,000, SHIB is still positioned above the $0.00001 level.

This marks the longest period Shiba Inu has stayed above the $0.00001 level in several weeks, thus stirring speculations that the canine-themed token could be preparing for a major uptrend.

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Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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