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In an unexpected twist, significant withdrawals of Shiba Inu (SHIB) tokens by unknown whales from major exchanges have triggered a sharp rally in SHIB's price. The removal of over $5 million worth of SHIB from Binance and Coinbase coincided with an 11% price drop, followed by a sudden 7.8% rebound, highlighting the cryptocurrency's volatile market dynamics.
Mysterious Withdrawals: Billions of SHIB Tokens Vanish from Top Exchanges
Billions of Shiba Inu (SHIB) tokens have unexpectedly disappeared from major cryptocurrency exchanges in the last 24 hours, as per UToday. According to Etherscan data, a trio of unknown new addresses appeared on the scene, orchestrating massive withdrawals from Binance and Coinbase, two major cryptocurrency exchanges.
The first in this unusual chain of large SHIB transfers was addressed as "0x6dF." In the last 24 hours, this address has withdrawn 71.832 billion SHIB from the Coinbase hot wallet, equivalent to nearly $2 million. The entire amount of cryptocurrency was transferred to this address in four separate tranches and did not move elsewhere.
The next address was "0xf77," which withdrew 37.139 billion SHIB from Binance, the world's largest cryptocurrency exchange, in a single transfer worth $977,510. The address is also new, and no further transactions occurred. The third was "0x591," which withdrew over 75 billion Shiba Inu tokens from Coinbase in five separate tranches over the last 24 hours for more than $2 million.
Shiba Inu's Rollercoaster: Whales Withdraw $5M Amidst Price Turbulence
It is worth noting that Shiba Inu tokens totaling more than $5 million were withdrawn from Coinbase and Binance while the price of the popular meme cryptocurrency fluctuated dramatically. The price of SHIB fell another 11% over the past day, continuing the week-long decline. After stopping at $0.0000255, the Shiba Inu token's price reached a local low, and a buyer's reaction was seen, causing the quotes to rise by 7.8%.
Did the whales, as mentioned above, withdrawal of Shiba Inu tokens from exchanges affect the price rebound? Probably yes, if these tokens were purchased and purposefully removed from platforms, which typically indicates bullish activity by major players. However, it remains to be seen whether such incidents will occur again and what will happen to the SHIB price.
Photo: Microsoft Bing
