Shiba Inu, the Ethereum-based altcoin, stirred up excitement in the cryptocurrency community with a notable whale transaction, involving the transfer of 12 billion SHIB to the Binance exchange.
The Shiba Inu token, known for its meme coin status, has been generating speculation and interest within the crypto market, especially in light of the recent whale activity. This significant transaction comes amid a period of heightened volatility for SHIB, contributing to the ongoing discussion among crypto enthusiasts.
Despite the recent drop in price observed in the token, on-chain data reveals positive market sentiments for Shiba Inu.
Whale Transfer to Binance: Insights from Etherscan
Etherscan, a platform specializing in on-chain metrics, recently provided data showcasing the substantial SHIB transfer. The data indicates that a massive 12.06 billion SHIB was moved to Binance approximately three hours prior to the time of writing. The total value of the funds transferred to Binance amounted to an impressive $116,077.
The transfer was initiated from an unidentified wallet, with the address 0xe6029…fFBd25C8, sending SHIB to another address on Binance, according to on-chain data. This significant transaction raises questions about a potential increase in the token’s supply, possibly contributing to the recent decline in SHIB’s price.
Marginal Price Drop for Shiba Inu
As of the current writing, Shiba Inu has experienced a slight 0.84% decline in its price over the past 24 hours, prompting speculation and discussion within the crypto community. The token’s value is currently at $0.000009634, showcasing its characteristic volatility within the broader crypto market.
While Shiba Inu recently witnessed a notable surge in price, briefly shedding a zero from its value, this upward trend was short-lived, as the token quickly reverted to its previous price level.
Additionally, the token has displayed a consistent price fluctuation on December 12. Despite a brief positive trajectory, instilling optimism among traders, the price swiftly returned to a bearish trend.
Positive Activity in the Shibarium Network
On a positive note, the Shibarium network, part of the Shiba Inu ecosystem, has experienced increased activity. The daily transactions on the Shibarium network currently stand at 7.94 million, providing a boost to trader confidence despite the observed price drop.
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