Unprecedented Moves: Major Crypto Exchanges Witness Massive Withdrawals of SHIB Tokens
Unexpected activity has unfolded in the realm of cryptocurrency exchanges over the past 24 hours. According to data from three new, unidentified addresses emerged, orchestrating substantial withdrawals from both Binance and Coinbase, two prominent players in the cryptocurrency exchange arena.
The first in this anomalous series of large SHIB transfers was the address “0x6dF.” Over the past 24 hours, this address withdrew 71.832 billion SHIB from Coinbase’s hot wallet, amounting to approximately $2 million. The entire cryptocurrency volume was transferred to this address in four separate transactions and has not been moved elsewhere.
Next was the address “0xf77,” which withdrew 37.139 billion SHIB from Binance, the world’s largest cryptocurrency exchange, in a single transfer equivalent to $977,510. This new address also did not engage in any further transactions.
from Coinbase over the past 24 hours in five separate transactions, totaling over $2 million.
It is worth noting that Shiba Inu tokens, with a total value of over $5 million, were withdrawn from both Coinbase and Binance, while the price of the popular meme cryptocurrency experienced significant disruptions.
Shiba Inu (SHIB) Price Outlook:
SHIB experienced an additional 11% drop as part of the ongoing decline over the past week. After hitting $0.0000255, the price of the Shiba Inu token reached a local bottom and witnessed a buyer response leading to a 7.8% price increase.
Did the withdrawal of Shiba Inu tokens from exchanges by the mentioned whales impact its price rebound?
Read more Shiba Inu Analysis: Anticipating Surge in SHIB Acquisition Operations in April”
Possibly, as intentional purchase and withdrawal of these tokens from platforms traditionally indicate bullish activity by major players. However, it remains to be seen whether such occurrences will reappear and what implications they hold for SHIB’s price in the end.
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