Shiba

Impact

Arkham

Notable

Shiba Inu

<ul> 
 <li>Significant whale transactions have been recorded for Shiba Inu, with over 705.9 billion tokens moved from exchanges in 24 hours.</li> 
 <li>These movements coincide with a mild market rebound, with Shiba Inu showing early signs of recovery, outperforming Bitcoin in recent gains.</li> 
 <li>The outflows from exchanges, totaling $16.5 million in Shiba Inu, suggest strong holding sentiment among investors.</li> 
</ul> 
<p><a href="https://thenewscrypto.com/?s=shiba+Inu" target="_blank" rel="noreferrer noopener">Shiba Inu</a> has experienced substantial withdrawals from cryptocurrency exchanges, with 705.9 billion tokens worth over $16.5 million moved out within just 24 hours. This activity, recorded by on-chain analytics firm Arkham Intelligence, aligns with a budding price rebound for Shiba Inu amidst a broader market upswing.</p> 
<h2 class="wp-block-heading" id="h-detailed-shiba-inu-whale-transactions-and-exchange-outflows"><strong>Detailed Shiba Inu Whale Transactions and Exchange Outflows</strong></h2> 
<p>The movement of such a vast number of SHIB tokens includes several large transactions between unknown wallets and into various exchanges. Notably, Arkham Intelligence <a href="https://platform.arkhamintelligence.com/explorer/token/shiba-inu" target="_blank" rel="noreferrer noopener">tracked</a> significant outflows from exchanges, highlighting a trend where investors are moving assets to self-custodial solutions—a move that generally reduces selling pressure on the market.</p> 
<figure class="wp-block-image size-full">
 <img decoding="async" width="1019" height="629" src="https://thenewscrypto.com/wp-content/uploads/2024/05/image-44.png" alt="" class="wp-image-97975" srcset="https://thenewscrypto.com/wp-content/uploads/2024/05/image-44.png 1019w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-44-300x185.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-44-768x474.png 768w" sizes="(max-width: 1019px) 100vw, 1019px">
</figure> 
<ul> 
 <li><strong>Largest Withdrawals:</strong> The most substantial single transaction saw 343.5 billion SHIB, valued at approximately $7.92 million, being withdrawn from a Coinbase hot wallet. This wallet typically handles user withdrawal requests from the exchange.</li> 
 <li><strong>Other Notable Movements:</strong> There were also major withdrawals from B2C2 Group and Kraken. For instance, one transaction from B2C2 involved 100 billion SHIB worth $2.31 million, and another transferred 88.1 billion SHIB to Robinhood. Meanwhile, Kraken saw two significant outflows amounting to nearly $4 million.</li> 
</ul> 
<h2 class="wp-block-heading" id="h-market-impact-of-outflows"><strong>Market Impact of Outflows</strong></h2> 
<p>These withdrawals occur as Shiba Inu shows signs of recovery from recent losses, now trading at $0.00002347, with a 3.3% gain in the last 24 hours. This subtle yet notable increase surpasses Bitcoin’s 2.65% rise during the same period.</p> 
<p>The timing and scale of these transactions could play a crucial role in supporting Shiba Inu’s price stability and potential growth, as they suggest a strong holding sentiment among large-scale investors.</p> 
<p>This month, despite a few days of net inflows, exchanges have seen a net outflow of 120.8 billion Shiba Inu tokens. The peak of these outflows was on May 1, with 265 billion SHIB withdrawn—the largest single-day outflow since April 17.</p>

Shiba Inu Sees 705,917,885,653 SHIB Whale Withdrawals

Table of Contents

TheNewsCrypto

Other articles published on May 10, 2024

Bitcoin to $265K? Reasons why this price prediction can come true

Intelliverse AI smart contract builder launches private token sale on May 10 - buy $ICPTG with a ...

FTX’s Bankman-Fried Trading Rice Behind Bars Amid Fraud Conviction Appeal

Ethereum Price Prediction As Joseph Lubin Says SEC Has Stealth-Classified ETH As A Security And T...

India’s FIU Approves Binance and KuCoin as Registered Crypto Exchanges

Insights on Cryptocurrency Market Trends: Bitcoin, BNB, Solana, and Ripple

Join our free newsletter for daily crypto updates!