A day after the initiation of the first spot ETF, Shiba Inu embarked on a bullish trajectory, signaling the commencement of a bullish market phase. This shift was evident as the meme token successfully shed a zero from its market price, a pivotal milestone historically linked to significant bull runs for SHIB. Another noteworthy aspect contributing to this bullish sentiment was the discernible movement of large holders, commonly known as whales.
According to recent data obtained from prominent on-chain platform Lookonchain, a substantial outflow of SHIB tokens from Binance was identified. Over the past month, four significant wallets managed to amass a total of 2.39 trillion SHIB, equivalent to $24.15 million and subsequently withdrew these assets from various exchanges.
A detailed examination of the data unveiled specific whale movements. An anonymous wallet identified as 0x03A6 amassed 136.86 billion SHIB, equivalent to 1.38 million dollars, from Binance within the last 30 minutes. Another wallet, 0xF633, accumulated 1.44 trillion SHIB, corresponding to $14.54 million, from Binance and Gateio over the past three days.
Wallet 0xa656 accumulated 237.87 billion SHIB, amounting to $2.4 million, from Binance approximately 19 days ago. Additionally, Tron Founder Justin Sun was noted to have acquired $577 billion SHIB, equating to $5.82 million, from Binance around 20 days ago.
Shiba Inu’s ETH Incineration
The significance of these transactions lies in the fact that cryptocurrency whale behavior often serves as a precursor to emerging trends and price fluctuations within the crypto markets. As of the present moment, the mentioned cryptocurrency address holds a substantial 136,865,983,865.07 Shiba Inu tokens, constituting 89% of the whale’s overall crypto portfolio. This recent move aligns with three other notable whales exhibiting a similar trend.
Furthermore, the official team affiliated with Shiba Inu recently declared the intentional burning of a noteworthy quantity of Ethereum tokens [ETH]. This revelation was communicated through a post on the Shib account on platform X, disclosing the deliberate burning of 200 ETH over the course of a month.