Shiba Inu (SHIB), a leading memecoin in the cryptocurrency market, has drawn attention following significant whale transactions. On-chain data revealed a movement of 546.34 billion SHIB, sparking curiosity among market participants. This activity is particularly notable as it occurred during a period when the memecoin’s price was falling.
According to data compiled by Lookonchain, a new wallet address withdrew 546.34 billion SHIB from Binance, the largest cryptocurrency exchange. The anonymous wallet address, starting with 0xF63…, conducted the withdrawal in two transactions, with 400 billion SHIB in the first and 146.34 billion SHIB in the second.
This move, happening while the altcoin’s price was losing momentum, led to speculation that the crypto whale might be accumulating SHIB in anticipation of a price increase.
At the time of writing, SHIB’s price faced a significant 24-hour drop of 4.37%, trading at $0.000009086. This decline is part of a longer-term downtrend, with SHIB experiencing a 12.80% and 9.65% drop over weekly and monthly periods, respectively.
However, the recent whale transactions could indicate a turning point in market sentiment towards Shiba Inu. The increased accumulation by crypto whales suggests a growing confidence in SHIB among investors, potentially igniting optimism for an upcoming bull market.