Hundreds of Billions of Shiba Inu (SHIB) Sent to Binance – Are Whales Depositing Back?

Data provided by Etherscan and posted on Twitter by the @shibaplay_ handle shows that over the past 24 hours, whales have been active in sending their meme Shiba Inu tokens to the Binance exchange.

Four large transactions were detected, moving a total of close to 800 billion SHIB, their details shared on Etherscan. These transactions took place after CEO of Binance Changpeng Zhao (known as simply CZ), tweeted that the situation with massive withdrawals from Binance wallets had more or less stabilized, and deposits began coming back to Binance wallets.

750 billion SHIB on move, are whales re-depositing to Binance?

Four transactions were mentioned, each carrying from 150 billion to 207.8 billion Shiba Inu. A total of 207,208,495,544 SHIB was deposited to a Binance wallet from an unknown address. This SHIB lump is evaluated at $1,846,227. Another similar chunk of meme coins was shifted between anonymous wallets.

Finally, 150,000,000,000 SHIB worth $1,336,500 was again sent to the Binance exchange.

Whale alert 🚨: 207,208,495,544 $SHIB transferred.
check details 👇🏻 https://t.co/1E69oYb1BD

— ShibaPlay (@shibaplay_) December 14, 2022

CZ says deposits gradually coming back

On Dec. 14, CZ of Binance took to Twitter to announce that the situation regarding massive withdrawals from the exchange had stabilized and deposits started coming back in. U.Today reported that, at one point, around $800 million in Ethereum net inflows were registered.

Over the previous day, investors and traders were actively converting BNB and BUSD into Ethereum and ERC20 tokens to withdraw them to cold wallets or other exchanges. The BNB price dropped significantly. Within one day, close to $2 billion worth of crypto withdrawals was processed.

However, CZ tweeted that the exchange faced bigger withdrawals during the periods in which FTX and LUNA crashed, and the aforementioned funds movements were not even in the top five biggest withdrawals they witnessed.

The withdrawals began after the U.S. prosecutor’s office announced it was considering charging Binance with money laundering. CZ commented on that, claiming that it was FUD (“fear, uncertainty, doubt”).