Shiba Inu Whale Wallet Makes Waves Purchasing 583.7B Tokens Amid Market Collapse

A mega whale wallet has accumulated over 583.7 billion Shiba Inu tokens from cryptocurrency exchange Binance. The transaction took place as Shiba Inu (SHIB) fell to the $0.000015 region. Markets have been volatile, with prices dropping and investors reacting in a variety of ways.

On May 29, Shiba Inu hit a record high of $0.00002945. It then fell 45.87%, dropping below the support of $0.000016 to hit a 19-week low. Despite the drop, some are seeing this as an opportunity to buy low, as recent whale activity has shown.

Lookonchain highlighted a transaction that took place yesterday at 12:46 UTC, where SHIB was trading at $0.00001666, representing a purchase amount of $9.725 million. If the same amount had been purchased on May 29th, it would have been worth $17.192 million, a difference of $7.4 million.

The whale was not only after Shiba Inu. On-chain data recorded a flurry of other purchases: 9,425 Ethereum (worth $30.15 million), 957.7 billion PEPE (worth $9.84 million), and 16,192 BNB (worth $9 million). He also bought FLOKI (worth $1.56 million), DOGE (worth $6.95 million), USDT (worth $40.7 million), and MATIC (worth $2.81 million). In total, the whale acquired $130 million worth of cryptocurrencies in less than six hours. However, the market drop reduced the value of his portfolio to $117.8 million. The whale’s holdings have sparked speculation about his next move.

Shiba Inu withdraws from exchange

This whale purchase is part of a larger trend of SHIB being withdrawn from exchanges. Since June 1, the CryptoQuant SHIB Exchange Netflow metric has only shown 7 days of positive netflows and 26 days of negative netflows. During this period, exchanges have seen a net outflow of 7.823 trillion SHIB, the largest amount since January.

Crypto Basic has recorded some large withdrawals. On June 20, whales withdrew 2.55 trillion SHIB from Robinhood and Binance. Another report last week confirmed that the outflows are continuing. A similar trend preceded a significant price rally in January. Despite the ongoing withdrawals, Shiba Inu remains under pressure and is trading at $0.00001584. Analysts still predict a possible recovery.

The cryptocurrency market is unpredictable, and this whale’s bold move could signal a turning point. Only time will tell if the Shiba Inu can bounce back.

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