$1.2M SHIB Transfer to Binance Traced to Hacker, Analysts See 500% Surge

• Dormant whale deposits 100.45 billion Shiba Inu to Binance after three years of inactivity.
• The whale wallet is allegedly linked to a hacker who previously exploited the Bitrue exchange.
• Analysts predict a potential 503% upside targeting based on inverse head and shoulders.

A previously dormant Shiba Inu whale has suddenly sprung into action and deposited 100.45 billion SHIB tokens worth $1.21 million to the Binance exchange after remaining inactive for three years.

The whale’s timing appears calculated, as the deposit generated approximately $311,000 in profit from the original investment. However, this profit pales in comparison to what could have been achieved during SHIB’s peak performance, when the same holdings would have yielded over $2.7 million in gains. The decision to move funds now suggests either a profit-taking strategy or preparation for potential market volatility.

SHIB Whale’s Link to Bitrue Hack Sparks Money Laundering Concerns

Investigation into the whale’s wallet history reveals troubling connections to cybercriminal activity. The address has been identified as belonging to a hacker who previously compromised the Bitrue exchange. In April, this same entity liquidated $2.88 million worth of HOT and SHIB tokens to purchase 1,511 ETH at $1,911 per token.

The hacker’s operational security included routing 1,050 ETH worth $1.89 million through Tornado Cash, a cryptocurrency mixing service designed to obscure transaction trails. This pattern of behavior shows the current SHIB movement could be part of a larger money laundering operation.

The coincidence of the whale movement with the previous exchange trades has left people wondering where these tokens originated and if other inactive wallets belonging to the same party can also become active in the near future. Despite these ominous origins, technical analysts remain optimistic about SHIB’s price potential.

Analysts Predict Sharp Price Gains for SHIB

SHIB POSSESSOR, a crypto analyst, has been optimistic that the token may pump to $0.00004 minimum in the coming week. This target would be a significant improvement from current levels.

Higher targets are predicted by analyst JAVON MARKS, who identifies an inverse head and shoulders pattern formation in SHIB’s price chart. In his estimate, this technical pattern has the potential to drive prices up by 503% to the first target of $0.000081. This will require continued buying pressure and overall market support.

Related: Shiba Inu Transfer That Spooked Market Was Wintermute Custody Shift, Not Whale Dump: Report

The whale deposit arrives as social media frenzy around SHIB’s breakout grows. At press time, SHIB is trading for $0.000012, down 3.72% over the past 24 hours and 7.5% over the past seven days, which may indicate that the market is oversold and due for a reversal.