A major Shiba Inu (SHIB) whale has moved a total of 546 billion units of the token, as price records renewed bullish correction.
Shiba Inu is increasingly becoming an attractive token for whales. Market data reveals billions of dollars worth of Shiba Inu moving on-chain in the past few months, underscoring the strategic place SHIB occupies in large trader’s portfolios.
The latest update in this whale transaction trend involves the withdrawal of 546 billion SHIB from Binance at an average price of $0.00000902. This move from the market whale comes with some calming reassurance that the withdrawal further removes the immediate fear of liquidation.
This transfer is coming at a time when SHIB’s price is charting a recovery trend, soaring 3.43% in 24 hours to $0.000009402.
The Shiba Inu Whale Trend
According to insights shared by Spot on Chain, at least 5 notable Shiba Inu whales have been involved in active SHIB transfers over the past 5 months.
While the majority of these whales are anonymous, Tron founder Justin Sun is one of them, boasting a track record of the mega SHIB movement, especially from Binance exchange.
One of the major transfers Justin Sun has initiated involved more than 577 billion SHIB, worth approximately $6 million, from Binance on December 18. These withdrawals came in two tranches of 500 million and 77 million.
Besides Justin Sun, other whales have also made strategic withdrawals of Shiba Inu from top exchanges, prompting Spot On Chain to peg the total number of transfers or withdrawals affiliated with Binance at 2.742 trillion SHIB worth approximately $25.2 million at an average price of $0.00000921. This sum came from 5 whales in the past 1.5 months.
The Whale’s Future Disposition
The purpose and destination of the massively withdrawn Shiba Inu tokens are unknown. To track the activities of these whales and to take the next best decision whenever they make their big money moves, Spot on Chain has published a dashboard tracking their activities and balances.
Using Justin Sun as the highlight, one of his addresses, labeled “0x176…0a132,” has a current balance of $440.775 million worth. The address’ SHIB’ holding comes in at 577.094 billion tokens or $5.453 million.
Beyond SHIB, the profiled whales have other assets in their portfolio with transaction history and balances to show for it, underscoring how the SHIB transfers are thoughtful and potentially here to stay.
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.
