An anonymous whale has withdrawn $34.7 million in SHIB from Binance, and it may be going to a staking platform.
According to data from the crypto transaction tracking firm Whale Alert, this transaction featured the transfer of 4,000,000,000,000 SHIB on the Ethereum blockchain, which was valued at around $34.7 million at the time of the transaction.
Because of the sheer magnitude of the swings in this cohort, this may have apparent effects on the market. However, how the price reacts to their actions is determined by their goal with the transfer in the issue.
Will the withdrawal push SHIB higher?
The sending address for this transaction was a wallet associated with the cryptocurrency exchange Binance, while the receiving address was related to the SHIB staking service. Staking is a method in which investors lock several tokens into a contract for a certain period in exchange for incentives.
Because the Shiba Inu whale moved this substantial stack of coins from an exchange (where investors stash coins in preparation for dumping) to this staking contract, this prominent investor likely intends to keep these coins in their possession for a significant amount of time. This would suggest that the whale has begun to have a more positive outlook on the potential of the meme currency.
Whales showing optimism on SHIB
In the long run, such a holding conviction might benefit the price itself. In addition, as data from WhaleStats, the top 100 Ethereum whales have been shopping for SHIB in the last day. Such accumulation from whales is, of course, a good indicator of the asset’s worth.
It’s interesting to note that the latest whale attacks have occurred when the price of the cryptocurrency has risen.
The fact that whales have been accumulating instead of selling during profit-taking opportunities demonstrates that they believe the rally can continue for a while longer, providing further evidence of their conviction in the coin.
Usually, whales attempt to sell while they can all during profit-taking opportunities like now (thereby impeding the rally), but the fact that they have been accumulating instead of selling shows that they believe the rally can continue for a while longer.