On-chain data shows significant altcoin outflows from Binance wallets. The fund outflow is accompanied by massive whale sales.
Binance earned millions from this altcoin
According to CoinMarketCap data, unexpected changes have occurred in Binance’s SHIB reserves. The leading exchange reported 59.3 trillion SHIB reserves in its recent proof of reserve report. Three weeks after that, the amount of SHIB in reserves decreased by 1 trillion coins, equivalent to $9.2 million.
To date, Binance’s reserves in SHIB are 55.93 trillion tokens, or the equivalent of $512.52 million at $0.0000092 at the current SHIB price. What is interesting is that the value of Binance’s assets on SHIB has now increased by about $11 million. Even 1 trillion less tokens than three weeks ago. If we add in the trillion SHIBs sold, it turns out that Binance made over $20 million in Shiba Inu in three weeks.
Sells to individual investors, not just Binance
During the period under review, other minority holders of the token also reduced their balances and profits on SHIB. Thus, the number of token holders dropped by 2.3% in the last week of November. However, as December progressed, it increased by 0.7% to reach 1.26 million addresses.
Whales accompany the sales
Data obtained by WhaleStats shows that the largest Ethereum whales have drastically shrunk their Shiba Inu balances. cryptocoin.com We have previously reported that the 100 largest whales hold SHIB worth $68,032,980 in total. Now, the whales crossed their balance to $52,839,210 in just one night. That’s more than $10 million in sales. Apart from that, the popular meme coin dropped from 14th to 16th on the CoinMarketCap scale.
The same website shows that the total amount of SHIB holders has increased by nearly 2,000 in the last 48 hours. It is now 1,263,179, and on December 12, it was 1,259,800. The second figure was reached after 1,300 new user logins the previous day.
How about the SHIB price?
Shiba Inu price struggles against bearish force. However, on-chain metrics show that the downtrend has not changed. The countertrend, which is scaling its price, could become problematic as the SHIB maintains a strong selling potential below the trend. In a shorter time frame, SHIB has been in a consolidation phase for the past three weeks. Despite many attempts to break this range in a volatile market, it points to indecision among market participants. However, the current price action is showing signs of a reversal from the $0.0000089 support. This shows a 5% increase to reach the target of $0.00000964.
In summary, the lower price rejection candle at $0.0000089 will indicate that investors are actively buying at this support. SHIB will then stay in a sideways trend until the price goes beyond the range. The second largest meme token was green at around 2% at the time of writing. It generally accompanies the market momentum.
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