Shiba Inu Whale Dumps 12 Bln SHIB To Binance, What’s Happening?

Coingapestaff
December 12, 2023
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Shiba Inu Burn Rate Soars 1600% Amid SHIB Price Slump, What's Happening?

Shiba Inu, an Ethereum-based altcoin, created a torrent of speculative buzz across the crypto realm as the token registered another significant whale activity on Tuesday. The whale activity has gained considerable traction among crypto market enthusiasts as it comes amid SHIB witnessing a highly volatile price flux.

The meme coin appears to be noting a surge in whale transactions in recent days following its weekly upswing. However, as of writing, the price seems to be recording a minor drop.

In contrast to the price drop witnessed by the token, on-chain data showcased positive market sentiments for Shiba Inu.

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Whale Transfer To Binance: Report

Etherscan, a platform simplifying on-chain metrics, recently unveiled data showcasing the SHIB transfer. According to the data, a colossal 12.06 billion SHIB was transferred to Binance roughly three hours ago while writing. Moreover, the funds relocated to Binance, a prominent crypto exchange, totaled a whopping $116,077.

An unknown wallet, 0xe6029…fFBd25C8, was registered, sending SHIB to another address on Binance, as per on-chain data. This transaction may reflect the recent fall in SHIB price as the transfer of tokens to CEXs hints toward a possible supply upsurge.

Also read: Elon Musk Faces Legal Heat As Judge Probes Into Twitter Stock Manipulation Lawsuit

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Shiba Inu Price Drops Marginally

As of writing, the Shiba Inu price marked a marginal downfall of 0.84% over the past 24 hours, sparking speculations. Currently resting at $0.000009634, the token appears to be highly volatile within the broader crypto market.

The Shiba Inu price recently soared significantly, ditching a zero from its price value. However, the upswing lasted briefly as the token regained a zero in its price value shortly after.

In addition, the token recorded a constant price flux even today, December 12. The SHIB price today showcased a positive trajectory briefly, fueling optimism but soon crashing back to being bearish.

However, the Shibarium network appears to have noted a surge in activity across the Shiba Inu ecosystem. The daily transactions on the Shibarium network amount to 7.94 million, boosting traders’ confidence amid a price drop.

Also read: XRP Lawyer John Deaton Lashes Out At Sen Elizabeth Warren & SEC Chair Gary Gensler

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.