According to cryptocurrency analysis firm LookOnChain, a new wallet has moved 290.4 billion Shiba Inu (SHIB) coins from Binance. The value of the SHIB tokens is roughly $4.84 million. The movement of coins away from exchanges is considered bullish as it reduces the chances of them being sold.
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A newly created wallet withdrew 290.4B $SHIB($4.84M) and 97,111 $AVAX($2.52M) from #Binance ~40 mins ago.https://t.co/5AcBCUmEga pic.twitter.com/ph0xpPnUL4
— Lookonchain (@lookonchain) February 13, 2025
Whales Bullish On Shiba Inu
The transfer of coins from Binance into a wallet could signify that the whale is bullish on SHIB. The wallet owner may be anticipating a rally. It is also possible that the wallet owner is reorganizing their holdings and the wallet transfer is a temporary move.
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SHIB has lost significant value over the last few weeks. Despite the lackluster performance, the asset has gained 3.5% in the daily charts, 1.6% in the weekly charts, and 69.2% over the previous year. SHIB continues to glow red in the other time frames. The asset is down 12.5% in the 14-day charts and 24.4% over the last month. The whale transfer could be a signal for an incoming rally.
Will The Asset Rally Over The Coming Weeks?
Shiba Inu (SHIB) has had incredible success over its four-year history. The coin has turned several early investors into multi-millionaires. Despite its popularity, SHIB has struggled to gain momentum over the last few years.
According to CoinCodex, SHIB could witness a brief price spike before coming back to around current levels. The platform anticipates SHIB to hit $0.00003585 on Feb. 17. The platform predicts SHIB to face a correction after the price spike and consolidate around $0.000015-$0.000013.
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If macroeconomic conditions improve, the asset could enter a rally. The Federal Reserve could also introduce an interest rate cut in the coming weeks. Such a scenario could lead to a market-wide rally.
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