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Shiba Inu, a leading meme coin in the cryptocurrency realm, made waves across the broader crypto market on Monday, propelled by noteworthy whale movements.
A staggering 546.34 billion SHIB tokens in motion captured the interest of crypto enthusiasts worldwide, adding an intriguing twist to the meme coin's narrative.
Whale's 546.34 SHIB on the Move
As crypto markets experienced a downturn, primarily influenced by the spotlight on Bitcoin ETF approval, Shiba Inu managed to stand out.
Data from Lookonchain, a platform providing on-chain insights, revealed a substantial withdrawal of 546.34 billion SHIB from Binance on January 8.
According to CoinGape, the total value of these coins in transit amounted to $4.92 million at the time of reporting. The wallet address responsible for this whale activity, identified as 0xF633Cd…, conducted two transactions.
The first withdrawal comprised 400 billion SHIB, followed by an additional 146.34 billion SHIB in the second transaction. This whale movement occurred amid negative price trends in the broader crypto market.
Market Interest Ignited Despite Price Dip
Shiba Inu's price experienced a notable decline of 4.37% in the past 24 hours, currently trading at $0.000009086.
According to Be In Crypto, the downturn extended to weekly and monthly drops of 12.80% and 9.65%, respectively. However, the massive SHIB accumulation by whales amidst the market turmoil has generated significant interest.
Despite the price setback, the increasing accumulation of SHIB in wallets has sparked optimism among traders. This surge in confidence hints at a positive trajectory for Shiba Inu in the near future, injecting renewed enthusiasm into the market outlook for the meme coin.
Photo: Kanchanara/Unsplash
