Shiba Inu bullish signal: Whale withdraws 1.7 trillion SHIB from Huobi

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Data shows that a Shiba Inu whale withdrew 1.7 trillion SHIB from the Huobi crypto exchange, which could prove bullish for the price of the crypto.

1.72 trillion SHIB left crypto exchange Huobi in the last day

According to a Tweeter From crypto transaction tracker Whale Alert, a user transferred 1.72 trillion SHIB from crypto exchange Huobi to an unknown wallet, possibly a home address.

The Shiba Inu cash out transaction was converted to almost $19.4 million at the time it took place, but since then the value of that stack of coins has been reduced to just under $19.1 million. of dollars. These large deals are usually owned by a single whale or an entity made up of multiple investors.

Typically whales transfer currency flow to their personal wallets for accumulation purposes (while deposits may be for dumping). Such buying pressure in the market can have a bullish effect on the price of memecoin.

Just yesterday, Shiba Inu’s first trading card game, Shiba Eternity, was launched on global mobile platforms for users to download and play. Many had wondered what effect the post might have on sentiment around the crypto.

This latest transfer of whales coming right after the game becomes available could be a sign that whales still see value in storing their SHIB outside of exchanges.

Shiba Inu Price and Market Cap

The price itself, however, has yet to show significant strength. On the contrary, it has fallen by more than 2% in the last 24 hours because at the time of writing the memecoin is trading around $0.00001106.

Here is a graph that shows the trend of the value of the Dogecoin-cousin crypto over the past five days:

The value of the crypto seems to have fallen off during the last couple of days | Source: SHIBUSD on TradingView

As you can see in the chart above, Shiba Inu’s price peaked at $0.00001172 a few days ago near the game’s release, but since then it hasn’t stopped. down.

Weekly losses for memecoin, however, still only amount to 1%. Monthly returns are another story; SHIB is down more than 8% in the past 30 days.

In terms of market capitalization, Shiba Inu continued to hold the fourteenth place in the list of top cryptos, as shown in the table below.

Shiba Inu vs. Dogecoin Market Cap

Looks like the coin is just below Dai right now | Source: CoinMarketCap

From the chart, it can be seen that memecoin competitor Dogecoin is currently five places above SHIB.

Featured image from Ferhat Deniz Fors on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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