Shiba Inu Roars With 8% Weekly Gains, Justin Sun Withdraws 577B SHIB Tokens From Binance In Two Days

Tron founder Justin Sun withdrew 577 billion Shiba Inu SHIB/USD tokens from Binance amid the token's rally last week.

What Happened: PeckshieldAlert, a platform offering real-time blockchain data, revealed the first transaction was of 500 billion Shiba Inu tokens worth $5.2 million from Binance.  In another transaction, the same Sun-labeled address withdrew 77 billion Shiba Inu worth $810,000 from Binance.

The withdrawals came on the heels of Shiba Inu reporting significant gains in weekly performance. With a $5.9 billion market cap, Shiba Inu in the past seven days of trading accumulated gains of 7.6%. In the past 24 hours of trading, the price saw a fall of 1.3% while trading volume narrowed by 39%.

Notably, Bone ShibaSwap BONE/USD, the native token of the Shibarium protocol, was listed by Indodax, the top crypto trading platform in Indonesia. The BONE token has no trading pair and interested buyers can acquire the token directly from the marketplace.

Read Next: Shiba Inu Makes History: First Decentralized Ecosystem To Secure .shib Top-Level Domain, Revolutionizing Web3

Why It Matters: Shiba Inu reflected strong confidence as large holders' concentration stood at 78% for the token, data by IntoTheBlock indicated. This marked a sign of positive market sentiment and a bullish outlook. Daily transactions reported on Shibariumscan.io indicated 7.87 million as of Dec. 18, 2023, compared to 6.15 million as of Dec. 17, 2023.

Almost 75% of Shiba Inu holders maintained their positions for more than a year. Data also suggested around 38% of Shiba Inu holders were in a profitable position at the current price level.

Kaal Dhairya, a developer for Shiba Inu, highlighted that Shibarium crossed 130 million inscriptions while maintaining the lowest gas fees in the industry.

Crypto analyst, Ali took to his X platform on Dec.17, 2023, and stated, “ShibaInu is showing signs of breakout! If $SHIB maintains the crucial support level at $0.0000103, the next stop for #SHIB could be $0.0000140.”

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