Based on data from on-chain analytics tool Spotonchain, a Shiba Inu whale has made a large withdrawal of 546 billion SHIB, or around $9.8 million, from the Binance exchange.
Spotonchain reports that in the last few hours, a fresh whale withdrew 546 billion SHIB, which was worth $4.93 million at the time of purchase. Several on-chain sources also saw this transaction: A new wallet withdrew 546.34 billion SHIB from Binance in the last few hours, according to Lookonchain.
https://x.com/spotonchain/status/1744276660902613276?s=20
This most recent action continues the run of withdrawals from Binance over the past 1.5 months. Spotonchain reports that around that time, a few whales withdrew a sizable amount of SHIB from Binance.
Five whales—possibly including Justin Sun, the founder of Tron—have taken out 2.742 trillion SHIB from Binance in the previous 1.5 months, translating to almost $25.2 million at the current exchange rate.
Although the reason for the 546 billion SHIB withdrawal from Binance is unknown, a few theories include: the whale transferring the SHIB to a different wallet or exchange, or getting ready to stake or burn the SHIB in order to lower the overall supply or receive incentives.
But as for the bigger SHIB withdrawals from Binance that these whales made, the assumed reasoning is straightforward: as investors’ confidence in the long-term value of their Shiba Inu holdings grew, more SHIB was transferred off exchanges and likely into cold storage wallets.
As more traders and investors choose to self-custody their Shiba Inu assets, the number of Shiba Inus available on exchanges is declining, as previously reported by U.Today. This indicates that investors would rather hang onto their assets than sell them in order to perhaps profit from a sale in the future.
Nevertheless, this is a good thing because a slight increase in demand would quickly raise prices because there would be less supply on the market.
As of writing, SHIB was down 6% over the previous day to $0.000009.
