On-chain data shows that approximately 993.3 billion Shiba Inu (SHIB) have been transferred by anonymous wallets. Since half of the transactions are between individual wallets, it brings to mind the possibility of preliminary preparation of a rally.
Binance and three whales move 993.3 billion SHIB
Binance was responsible for half (499.9 billion) of approximately 993.3 billion Shiba Inu, according to Etherscan data. The value of SHIB carried by Binance was approximately $4.6 million.
On-chain data shows three more whale transactions, 39,014,817,402, 138,364,817,402, and 160,000,000,000. Meanwhile, the movements took place between wallets, not exchanges. This eliminates the possibility of selling and shows the confidence in SHIB. A transaction to exchange wallets would raise the possibility of a sale.
Also, another whale bought 56 billion SHIB tokens worth $520,512.33. Whale boosted investor confidence by moving the token he just bought from Binance to his wallet.
Why does Binance carry SHIB?
The leading exchange is currently conducting a proof of reserve audit. The SHIB operation was most likely part of the same control. CEO CZ stated that yesterday’s $2 billion Bitcoin (BTC) transfer was part of the audit. The unannounced transfer caused concern among the community. CZ claimed that a certain amount of BTC should be provided to show how the auditors manage their Binance wallets. This is probably why the SHIB transfer took place.
Will the Shiba Inu repeat its 5,000,000% rally in 2021?
One of the biggest highlights of the past year was the Shiba Inu that emerged after Dogecoin. Thanks to its successful launch by donating half of its supply to Vitalik Buterin, it rallied around 5,000,000% in a short time. However, the Shiba Inu has a loyal investor and community. According to IntoTheBlock, 54% of investors last year still hold SHIB.
Why is the Shiba Inu so successful?
One of the aspects where the Shiba Inu excelled was the use case for payments. For some time now, several major companies have supported SHIB as a means of payment and remittance. Just in October, Google Cloud opened its doors for the same reason. The big news reverberating on social media is triggering the interest of Ethereum whales. WhaleStats shows that ETH whales currently hold $68 million worth of SHIB.
The Shiba team has also managed to keep up with the market trends. One of the Metaverse projects, “Shib The Metaverse” was awarded with an invitation to the World Economic Forum (WEF). However, the community continues its token burning activities to reduce the near-limitless supply. The monitoring tool Shibburn showed that the burn rate had increased 4497% in the last 24 hours. This shows that the SHIB community has great respect for the token burning activity.
How ready are the bulls for a new rally?
While token burning efforts are ideal to drive up the price, SHIB is still under pressure around $0.000009. However, volume increased 83.96% to $236.51 million. This increase implies that many transactions passed through the Shiba Inu network during the period in question, regardless of the profit or loss incurred.
The downside is that SHIB’s network growth is in 1999 at the time of this writing. As of November 13, it had risen to 9409. This current situation means there are fewer new addresses joining the Shiba Inu ship. All the while, SHIB may not be deeply affected by the bear market.
However, given the increasing participation in the ecosystem, it could be a costly mistake to exclude the token from active participation in the next bull season. Analyst Suzuki Shillsalot says that by looking at all this data, we have no guarantee for a 2021 iteration.
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