Shiba Inu, one of the most prominent meme coins within the cryptocurrency space, gained significant traction across the broader crypto market on Monday, following substantial whale activity recorded by the token. Intriguingly, as per data surfacing over the crypto horizon, a whopping 546.34 SHIB on the move caught the eyes of crypto market enthusiasts globally.

Moreover, as the data emerged amid the meme coin’s price slump, it seems to have sparked immense curiosity among crypto market traders and investors. Meanwhile, although the crypto market today majoritarily witnessed a downturn due to attention skewing in on Bitcoin ETF approval, Shiba Inu appears to have garnered noteworthy attention following its whale chronicle.

SHIB Withdrawals From Binance: Report

According to the data unveiled by Lookonchain, a platform streamlining on-chain insights, a fresh wallet address withdrew 546.34 billion SHIB from Binance today, January 8. Notably, the number of coins on the move totaled $4.92 million as of writing.

Furthermore, aligning with the above-mentioned on-chain metrics, the wallet address, 0xF633Cd…, was noted accumulating the aforestated amount in a series of two transactions. The address withdrew 400 billion SHIB from Binance in the first transaction, whereas 146.34 SHIB in the second.

Moreover, as the prices within the broader crypto market traded majoritarily in the negative territory today, the colossal SHIB accumulation in the midst seems to have harnessed considerable interest.

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Shiba Inu Price Tumbles

As of writing, the Shiba Inu price portrayed a substantial drop of 4.37% over the past 24 hours and is currently trading at $0.000009086. Moreover, this plunge was further escorted by a weekly and monthly drop of 12.80% and 9.65%, respectively.

However, with the recent whale data emerging within the market, market sentiments orbiting Shiba Inu seem to have taken an exciting turn. With wallet accumulations on the rise, traders expect to see a sense of boosted confidence for the token, fueling optimism for its market run ahead.

Also Read: Analyst Warns Of Altcoin Turbulence Ahead Of Bitcoin ETF Approval

The post Shiba Inu Whale Accumulates 546 Bln SHIB From Binance, Bull Run Ahead? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am