Data shows that a Shiba Inu whale has withdrawn a large stack of SHIB from the Binance exchange, which may benefit the memecoin’s price.
Shiba Inu Has Plunged More Than 12% In The Past Week
While Bitcoin investors have enjoyed the year 2024 so far because of the asset’s break beyond the $45,000 barrier, holders of the altcoins have been less fortunate.
Like many other alts, Shiba Inu has also plunged in the new year thus far. The below chart displays how the memecoin has performed recently.
The value of the asset appears to have been going down in recent days | Source: SHIBUSD on TradingView
As is visible in the graph, Shiba Inu had crashed alongside the rest of the market a few days back, but while BTC recovered, SHIB has only slipped further down.
During the past day, the memecoin had plummeted to as low as $0.00000850, but since then, the coin has rebounded towards $0.00000917. Overall, the asset is down more than 12% during the past week.
Regarding the market cap, Shiba Inu is currently only the 17th largest cryptocurrency in the sector. Here is a table that shows how the coin’s placement looks like among the broader market:
Looks like SHIB has a market cap of $5.4 billion at the moment | Source: CoinMarketCap
Shiba Inu’s current market cap is only marginally above the stablecoin Dai’s, so the memecoin can be at risk of dropping further lower to the 18th spot if it witnesses any further drops.
Among this doom and gloom, though, an optimistic sign for a potential turnaround may have perhaps appeared for the SHIB investors.
A Large SHIB Withdrawal Has Occurred From Binance Today
As spotted by smart-money tracker account Lookonchain, a notable amount of Shiba Inu has been withdrawn from the cryptocurrency exchange Binance during the past day.
In total, 546.34 billion SHIB has left the platform in this window with two transfers worth about $5 million at the current asset price. Below are the details of these two transactions.
The data of the two Binance SHIB outflows that occurred today | Source: Etherscan
These Binance outflows seem to have gone towards a freshly made address. Given the scale of the holdings, it’s probable that a whale entity is involved here.
This could be a new whale purchasing the cryptocurrency and then withdrawing into self-custody to hold onto the stack for an extended period or an old investor shifting their coins around.
Either way, these withdrawals could be a positive development for Shiba Inu, as it means that whoever is behind them is at least not interested in selling the coins on a central platform right now.
Featured image form Todd Cravens on Unsplash.com, chart from TradingView.com
