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1.08 Trillion SHIBs Dumped on Major Crypto Exchange, What’s Going On?
Tomiwabold Olajide
This substantial move comes amid a broader market downturn
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In a move that caught the attention of the cryptocurrency community, the colossal sum of 1,087,988,359,122 SHIBworth approximately $18,369,595, was transferred from an unknown wallet to major cryptocurrency exchange Binance.
Second Whale alert“1,087,988,359,122 SHIBs worth $18,369,595 were transferred from an unknown wallet to Binance.”
This substantial move comes amid a broader market downturn, during which Shiba Inu (SHIB) has seen its value plummet nearly 9%.
The sheer volume of this transfer triggered widespread speculation among traders and analysts, as moves of this type often signal significant market activity. The timing of the move is particularly intriguing, given recent market volatility and the sharp decline in the price of SHIB.
The broader cryptocurrency market has seen a recession, with several major cryptocurrencies including Bitcoin and Ethereum, facing declines. Shiba Inu has not been immune to this trend.
At the time of writing, Shiba Inu was down 7.15% over the past 24 hours at $0.0000167, after dropping to intraday lows of $0.0000163. SHIB price fell nearly 17% in one of the worst weeks of 2024 for cryptocurrencies.
In this context, the transfer of over a trillion SHIB tokens to Binance raises several questions and possibilities. While the exact reason remains unknown, the move could indicate that a whale may be preparing to sell a substantial portion of its holdings, as one of the reasons tokens are moved around exchanges is to sell them.
The move could be a strategic move to take advantage of market conditions, or the holder could position itself to capitalize on future price movements, whether through selling, trading, or other financial strategies.
On the other hand, the shift could simply be a reshuffling of funds by large cryptocurrency holders or exchanges; this however has no negative effect on the price.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.