• An anonymous whale recently withdrew $34.7 million in SHIB from Binance.
• The whale sent 4,000,000,000,000 SHIB on the Ethereum blockchain to a staking platform.
• The whale’s action may signal a more positive outlook on the potential of the meme currency.
On January 10, 2023 at 5:23 pm, an anonymous whale made a huge impact on the cryptocurrency space by withdrawing $34.7 million in SHIB from the Binance exchange. According to data from the crypto transaction tracking firm Whale Alert, 4,000,000,000,000 SHIB was sent on the Ethereum blockchain from a wallet associated with the exchange to an address related to a staking service.
The sheer magnitude of this transaction caused speculation among traders, who wondered what effect it would have on the price of SHIB. Withholding tokens in staking contracts for a period of time in exchange for incentives is a popular strategy employed by investors. This led many to believe that the whale had a positive outlook on the potential of the meme currency and was willing to keep the coins in their possession for a significant amount of time.
The whale’s action thus could have long-term implications for the price of SHIB. Many believe that the coin will benefit if investors are willing to adopt a more positive outlook on its potential. This could lead to increased demand and, consequently, a higher price.
What is certain is that this transaction has had a profound effect on the cryptocurrency space and has shown that whales are willing to show their confidence in certain projects. As more investors watch the price of SHIB and the actions of whales, the future of the meme currency remains uncertain.