Binance holds about 91.57 trillion Shiba Inu (SHIB) tokens, according to data released by Etherscan.. The tokens held by the exchange are distributed across 4 different wallets and it is not possible to determine if all of them are tokens for the exchange user or if there are SHIB tokens owned by Binance.
Still according to data from Etherscan, The amount makes Binance the largest Shiba Inu whale in the entire market. Even the combined volume has surpassed other international exchanges such as Crypto.com, KuCoin, Huobi, and Bybit.
91.57 trillion SHIB makes Binance It owns approximately 16% of the circulating supply of Shiba Inu which is currently 589.36 trillion.
According to the exchange, the Shiba Inu was one of the most traded cryptocurrencies on the platform last year. After Bitcoin (BTC) and Ethereum (ETH), according to data released by the company, SHIB was the most traded cryptocurrency on Binance.
This interest from cryptocurrency investors in memecoin has also been followed by Ethereum whales as data from WhaleStats shows that SHIB trading volume among major ETH investors has risen by around 93% this year.
“Whale activity is not usually a bullish sign for Shiba Inu, however the increase in trading volume and the increase in the volume of large transfers on the SHIB network indicates the token’s growing importance and usefulness among ecosystem owners,” explained analyst Ekta Mourya.
Chiba with high chances
Mourya claims that Shiba Inu price has risen above two long-term exponential moving averages, the 50-day EMA and the 200-day EMA. The Relative Strength Index (RSI), which is the momentum indicator, is approaching 70, which indicates that SHIB is almost oversold.
“Therefore, when betting on the upside potential of SHIB, traders need to be careful when going up. A drop in SHIB price below the lower trend line of the ascending channel or the 50- and 200-day EMAs can negate memecoin’s bullish hypothesis,” He said so.
However, it notes that the Shib automatic burning mechanism has been effective in regulating part of the downward movements, as it permanently removes the Shib coins from circulation, which reduces supply and affects the price of the Shiba Inu.
The analyst points out that based on data from Shibburn.com, the burn rate increased by 1,400% on Sunday and that this indicates a larger move for memecoin, which may be related to the bullish buying of whales.
“The sudden spike in burn rate indicates that a large volume of SHIB tokens have been burned and permanently withdrawn from circulation. While the dollar equivalent of SHIB tokens burned is not significant, it does reduce the selling pressure on memecoin.”
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