SHIB Whale Shakes Up Price with 2.28T Binance Withdrawal

Shiba Inu’s decentralization quest gets a power-up with a huge whale transfer to an unlabelled wallet.

by . Fact checked by: Ciaran Lawler, Editor: Stefan Trapp
Published:
Whale coming out of a Binace glove releasing his shib coins on to the digital floor.
Created by Kornelija Poderskytė from DailyCoin
Google News Follow Button
  • Shiba Inu (SHIB) inks 29.9% monthly gains upon the decentralization push.
  • Crypto whale withdraws 2.28T from Binance, pouring more SHIB into DeFi.
  • SHIB faces consolidation, trading above $0.00001 for 8 consecutive days.

The crypto markets were shaken up yesterday by numerous colossal whale transfers spotted by crypto whale-watching agencies. One particular transfer of 2,283,700,000,000 Shiba Inu tokens to Binance sparked a positive reaction from the Shiba Inu community, popularly known as SHIB Army. The whale splashed the 2.28 trillion SHIB coins out of Binance, sending SHIB to an untagged wallet.

SHIB Token’s Marketing Lead, Lucie S., remarked that “smart money understands where the people are,” referring to the decentralization push by Shibarium developers this year. On the other hand, Binance, the largest crypto exchange around the globe, went through elephantine amounts of trouble in 2023, with the Department of Justice (DoJ) slapping a $4.3 billion fine on the company in November 2023.

SHIB’s Decentralization Plan in Full Swing

According to live on-chain data, the 2.28T SHIB coins are still in the receiver’s wallet, which helps understand the intention of this transaction. Cryptocurrency whales are shifting SHIB from centralized exchanges (CEXs) to decentralized wallets in preparation for SHIB’s DeFi quest.

Sponsored

The full-on decentralization push comes with a previously introduced non-custodial wallet, Shiba Name Service (SNS), and the self-sovereign identity (SSI) infrastructure. SHIB broke the news about applying for a .SHIB top-level domain name, fully regulated by the Internet Corporation for Assigned Names and Numbers (ICANN).

If the application succeeds, the Shiba Inu community will be the first one to have .SHIB domains across all versions of the internet – a huge stride towards mainstream recognition. These bold moves upped the canine coin’s price. Shiba Inu is currently changing hands at $0.00001077, according to CoinGecko.

On the Flipside

  • Some crypto enthusiasts on Twitter assert that the 2.28T whale transfer was a “wallet maintenance activity by Binance.”

Why This Matters

Shiba Inu falls into the category of altcoins that made double-digit profits in the last 365 days and is among the leaders by social mentions.

Sponsored

Read DailyCoin’s top crypto news:
Cathie Wood Hints at Spot Bitcoin ETF Approval Date in January
Polygon Founder Mulls Backing Memecoins as Mania Soars

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tags
Author
Tadas Klimasevskis
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.