Shiba Inu Bullish Signal: Whale Withdraws 1.7 Trillion SHIB From Huobi

Data shows a Shiba Inu whale has withdrawn 1.7 trillion SHIB from the crypto exchange Huobi, something that could prove to be bullish for the price of the crypto.

1.72 Trillion SHIB Exited Crypto Exchange Huobi During The Past Day

As per a tweet from crypto transaction tracker Whale Alert, a user has transferred 1.72 trillion SHIB from the Huobi crypto exchange to an unknown wallet, possibly a personal address.

The Shiba Inu withdraw transaction converted to almost $19.4 million at the time it took place, but since then the value of this stack of coins has reduced to just under $19.1 million. Such large transactions usually belong to a single whale or an entity consisting of multiple investors.

Generally, whales make an exchange outflow transfer to their personal wallets for accumulation purposes (while deposits may be for dumping). Such a buying pressure in the market can have a bullish effect on the price of the memecoin.

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

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

Shiba Inu Price And Market Cap

The price itself, however, hasn’t shown any significant strength yet. Rather, it has gone down by more than 2% during the last 24 hours as at the time of writing, the memecoin is trading around $0.00001106.

Here is a chart that shows the trend in 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 above graph, the price of Shiba Inu hit a peak of $0.00001172 a few days back as the release of the game approached, but since then it has steadily rolled down.

Weekly losses for the memecoin, however, still stand at only 1%. Monthly returns are a different story; SHIB is down more than 8% over the last 30 days.

In terms of market cap, Shiba Inu has continued to hold onto the fourteenth spot in the top crypto list, as the below table displays.

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

From the table it’s apparent that competitor memecoin, Dogecoin, is five places above SHIB at the moment.

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