SHIB Whale Withdraws $6.6M from Binance Amid Signs of Potential Reversal

A smart whale recently withdrew 353.83 billion Shiba Inu (SHIB) tokens, valued at $6.6 million, from Binance. The whale currently holds 838.87 billion SHIB, worth $15.5 million. This significant move suggests substantial profit-taking, with the whale’s profit on SHIB totaling $6.12 million.

A smart whale withdrew 353.83B $SHIB($6.6M) from #Binance 45 minutes ago and currently holds 838.87B $SHIB($15.5M).

The whale’s profit on $SHIB is $6.12M.https://t.co/2knxKp4yEZ pic.twitter.com/05AQV2zqLw

— Lookonchain (@lookonchain) June 20, 2024

Shiba Inu’s price is currently $0.000019, showing a 1.09% increase in the last 24 hours. The 24-hour trading volume is $287,756,352, and the market cap stands at $11,068,224,708. The circulating supply of SHIB coins is 589,271,341,245,552.

The Relative Strength Index (RSI) for SHIB on the daily price chart reads 33.36. This level indicates that the asset may be oversold, potentially signaling a reversal. Traders should monitor for bullish divergence and other technical indicators to confirm a possible trend change.

Source: TradingView

However, the Moving Average Convergence Divergence (MACD) for SHIB on the daily price chart remains below the signal line. This indicates a bearish trend in the short term. Therefore, traders should exercise caution and wait for a bullish crossover before considering long positions.

Shiba Inu demonstrates growing real-world value as many businesses now accept it as payment. From booking flights and ordering food to shopping for electronics and luxury goods, SHIB holders can use their tokens for everyday purchases. This growing acceptance and utility highlight Shiba Inu’s increasing practicality.

Moreover, Shiba Inu’s acceptance extends across various sectors globally. SHIB users can purchase movie tickets, concessions, and merchandise from AMC Theatres and Regal Cinemas. This wide acceptance showcases the cryptocurrency’s broadening reach and utility.

Shiba Inu’s integration into various payment systems and acceptance by numerous businesses significantly enhances its credibility and utility. This trend could lead to a more stable and widely adopted digital asset.

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