The overall cryptocurrency market is consolidating within a tight range as community members eagerly await the SEC (Security and Exchange Commission) decision to approve the spot Bitcoin ETF (Exchange Traded Fund). Amidst this, some cryptocurrencies, such as Shiba INU, appear to be trading at discounted prices due to a recent withdrawal by a whale, 0xf63, who withdrew 546 billion Shiba INU (SHIB) worth around $4.93 million from the world’s largest cryptocurrency exchange, Binance.
Before this significant withdrawal from the exchange, other newly emerged whales withdrew over 237 billion Shiba INU, valued at around $2.56 million, from Binance on December 22, 2023.
Whale activity on Shiba INU amid pending SEC approval for Bitcoin ETF
In addition to this noteworthy withdrawal of Shiba INU, Spotonchain, an on-chain analytics firm, posted on X (formerly Twitter) that in the last 1.5 months, six crypto whales, including billionaire Justin Sun and the founders of TRON, heavily accumulated SHIB tokens. According to the data, these five whales have withdrawn 2.742 trillion SHIB tokens, amounting to approximately $25.2 million.
By combining the balances of these six wallet addresses, it is evident that they hold a significant $543.5 million in crypto assets, including WSTETH, ETH, BNB, SHIB, and others. These addresses possess over $404 million worth of WSTETH and over $25 million of SHIB tokens, indicating significant investments in these tokens. However, they only hold $194 worth of Bitcoin, the world’s largest cryptocurrency.
Also Read: Binance moves $2.4 bln of Bitcoin, ETH, XRP, DOGE, SHIB
Justin Sun’s strategic moves
On December 19, 2023, Spotonchain also observed that Justin Sun withdrew 500 billion SHIB tokens, valued at around $5.22 million. Additionally, he accumulated other cryptocurrencies like LINK, STORJ, PEPE, and dYdX tokens, totaling over $7 million. This highlights Sun’s strategy of taking advantage of the price drop in these cryptocurrencies.
As of now, Shiba INU is trading near $0.00000917, and in the last 24 hours, it experienced over a 2.28% downside momentum, according to data from CoinMarketCap. Analyzing Shiba INU’s performance over the last 30 trading days, it is evident that it has remained stable, neither moving upside nor downside. According to experts’ technical analysis, Shiba INU is indicating bullish momentum as it is trading above the 200EMA (Exponential Moving Average), indicating a bullish sign.
