LookOnChain a cryptocurrency research firm, reports that a wallet has transferred 290.4 billion Shiba Inu Coins (SHIB) from Binance. SHIB tokens are worth approximately $4.84million. It is bullish to move coins from exchanges, as this reduces their chances of being sold.
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The wallet that was created with the new technology withdrawn 290.4B $SHIB(4,844 million $) and 97 112 $AVAX(2.52M $) #Binance 40 minutes ago.https://t.co/5AcBCUmEga pic.twitter.com/ph0xpPnUL4
— Lookonchain (@lookonchain) February 13, 2025
Whales Attack Shiba Inu
Transferring coins to a wallet from Binance could indicate that the whale has a bullish outlook on SHIB. This wallet holder may have been anticipating an upswing. You can also assume that the owner of the wallet is simply reorganizing and transferring the wallet is just a temporary measure.
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SHIB’s value has dropped significantly over the past few weeks. In spite of the poor performance, SHIB has still gained 3.5% per day, 1.6% per week, and 69.2% compared to last year. SHIB is still glowing red on all other timeframes. Asset is down by 12.5% on the charts for 14 days and 24,4% in the past month. Whale transfer may be an indication of a rally to come.
Will Asset Prices Rally In The Next Weeks?
Shiba Inu’s (SHIB), a coin, has been a huge success for the past four years. The coin turned many early investors into millionaires. SHIB is a popular coin, but it has had a difficult time gaining momentum the last couple of years.
CoinCodex predicts that SHIB will experience a short price surge before returning to current levels. Platform predicts SHIB will hit $0.00003585 by February 17. After the recent price surge, SHIB is expected to experience a slight correction and settle around $0.000013-$0.000015.
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The asset may experience a rise if macroeconomic conditions are improved. In the next few weeks, Federal Reserve may also lower interest rates. A scenario like this could result in a rally across the market.
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Source: watcher.guru
