Shiba Inu Whale Accumulates 583.7 Billion SHIB Amid Market Crash: Is a Rebound Near?

Shiba Inu Whale Accumulates 583.7 Billion SHIB Amid Market Crash: Is a Rebound Near?

A new whale wallet has amassed over 583.7 billion Shiba Inu tokens from Binance. This accumulation happened amid SHIB’s recent drop to the $0.000015 region.

Whale Procures 583.7 Billion SHIB from Binance

The 583.7 billion SHIB transaction, highlighted by Lookonchain, took place yesterday at 12:46 UTC. At that time, Shiba Inu traded at $0.00001666, making the purchase worth $9.725 million. This same volume of tokens would have cost $17.192 million at SHIB’s May 29 high of $0.00002945.

Broad Accumulation Frenzy

Interestingly, this whale did not only target Shiba Inu. They also accumulated other assets, including 9,425 Ethereum worth $30.15 million and 957.7 billion PEPE valued at $9.84 million. Additionally, they procured 16,192 BNB worth $9 million, as well as FLOKI, DOGE, USDT, and MATIC.

Decline in Whale’s Portfolio

Whale Multichain Portfolio. Source| Etherscan

In total, the whale acquired $130 million worth of crypto within six hours. However, due to the latest market drop, the portfolio’s value has declined to $117.8 million. The whale has held onto these tokens, leading to speculation about their next move.

Shiba Inu Experiences Exchange Withdrawals

Meanwhile, Shiba Inu has seen multiple withdrawals from exchanges recently. Investors have continued to procure and withdraw their SHIB tokens, indicating bullish sentiments. Since June 1, the CryptoQuant SHIB Exchange Netflow metric has recorded only seven days of positive netflows. Conversely, there have been 26 days of negative netflows.

Significant Net Outflows

SHIB Exchange Netflows. Source| CryptoQuant

Exchanges have seen 7.823 trillion SHIB in net outflows during this period, the largest since January. On June 20, whales withdrew 2.55 trillion SHIB from Robinhood and Binance. Another report last week confirmed the ongoing reduction in exchange reserves.

Anticipated Recovery

The last significant reduction in exchange reserves occurred in January. Shiba Inu witnessed a remarkable upsurge the following month. Despite ongoing withdrawals and market pressure keeping SHIB down, now trading at $0.00001584, analysts project an imminent recovery.

In conclusion, this whale’s massive accumulation and the ongoing SHIB withdrawals from exchanges suggest a potential market rebound. Investors continue to watch closely for the next significant movement in SHIB’s price.

Read Also: Shiba Inu Team Prepares for Significant SHIB Burn

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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