On December 14th, The Shibaplay tweeted that whales had been busy moving their Shiba Inu tokens to the world’s largest exchange, Binance, in four major transactions during the last 24 hours. It indicates that the exchange’s stress test might be over.
According to information shared by Etherscan, the total came to just around 800 billion SHIB. A Binance wallet received deposits from four transactions, each depositing between 50 billion to 207.8 billion Shiba Inu from an unknown address.
However, this all started after Binance CEO Changpeng Zhao allayed investors’ concerns by claiming that conditions had stabilized at his company following the decision to stop withdrawals of a stablecoin.
CZ stated that on December 13th, there were around $1.14 billion in net withdrawals, but that this was not the greatest withdrawal they handled and was not even in the top 5. During LUNA or FTX crashes, they processed more. Additionally, he said, “now deposits are coming back in.”
However, CZ claims that the “stress test” that FUD brought about aided in determining the trustworthiness of exchanges that passed the test. However, in this challenging circumstance, when people are concerned about the repercussions from FTX, the community’s response was especially noteworthy since it showed support and trust for Binance.
One point made was that only Binance is the most trustworthy. Others expressed gratitude to fudders for the stress test and for consistently strengthening the exchange. “Now, let’s keep building.”
Binance Vs. FTX Withdrawals
The previous seven days have seen more than $3 billion in net withdrawals from the world’s largest exchange, according to blockchain analytics company Nansen. However, Alex Svanevik, CEO of Nansen, told CNBC that the situation is not the same as it was for FTX, which had multi-billion dollar withdrawals.
He continued, noting that just a small part of assets—which total around $60 billion—is being withdrawn from the exchange.
Svanevik told CNBC’s “Capital Connection” on December 14th:
I would say that you’re definitely seeing larger than normal withdrawals from Binance. And so, it is definitely worth keeping an eye on, but as far as I can tell at this point in time, this is very different from the FTX situation.
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