Recently, Twitter spooked investors with new data released on a cryptocurrency. According to the data, a large amount is dumped into Binance from an altcoin project. Anonymous whales moved their cryptocurrencies to Binance in 4 major transactions. This means that there could be a new wave of selling in the altcoin. For this reason, it is beneficial for investors to be extremely careful.
Whales move their funds from this altcoin project to Binance
According to data shared on Twitter recently, whales have started to move an altcoin project to Binance. Accordingly, they have transferred approximately one trillion Shiba Inu coins to Binance in the last 19 hours. Whales performed this process in a total of 4 separate large processes. Meanwhile, the leading meme coin SHIB has been trying to push its price higher for a long time. The extremely loyal community of cryptocurrency is burning thousands of SHIBs every day. Crypto data platform Etherscan detected and announced these four big transactions to the community.
Accordingly, a total of 918 billion Shiba Inu tokens were carried by the owners of several anonymous wallets. However, Binance, the major crypto exchange by volume, transferred more than half of that amount between its own wallets. This includes 431.49 billion SHIBs worth $4 million. The transfer likely happened as part of Binance’s recently launched Proof-of-Reserves. As we have reported as Kriptokoin.com, PoR makes exchanges more transparent and secure.
A new wave of sales may come for the Shiba Inu (SHIB)
Anonymous whales sold their altcoin holdings on Binance. This equates to a total of 66.7 billion tokens. Later, another 312 billion and 107.79 billion SHIB transfers took place between mysterious digital wallets. Sales and transfers have triggered fear among crypto investors. Accordingly, a new wave of sales made Shiba Inu investors nervous. With this fear, it remains unclear whether investors will sell their tokens. However, the price data seems to continue to give investors some confidence.
Altcoin continues to see small gains
The Shiba Inu saw small gains on Dec. The price of the token rose 5.91 percent yesterday. However, SHIB quickly lost the impetus it gained yesterday. The altcoin is currently trading at $0.00000935, up 2% in 24 hours. The coin is fluctuating both up and down as the price volatility is high. Meanwhile, the community continues to burn more SHIBs. According to a recent tweet, it took 44.3 million tokens out of circulation in the last 24 hours. Last week, a total of 150 million SHIB was burned.
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