Shiba Inu Whale Moves $33 Million In SHIB, Here’s The Destination
October 06 2023 - 10:00AM
NEWSBTC
A Shiba Inu whale recently transferred a whopping $33 million in
SHIB tokens off a crypto exchange into an unknown wallet. According
to on-chain data from Whale Alerts, over 4.58 trillion Shiba Inu
tokens worth $33.13 million have made their way into a private
wallet from the crypto exchange Bitvavo. Details Of The Whale
Transfer Shiba Inu’s ecosystem is home to many whale investors, and
transactions among these whales are not uncommon. Over the past few
months, there have been huge transfers of SHIB from various whale
addresses. This latest SHIB whale transfer was first spotted by
Whale Alerts, a platform that tracks major cryptocurrency
transactions. Related Reading: XRP News: Ripple CTO Defends
Clawback Feature On The XRPL According to on-chain data, the
transaction was made from the address “0xfd55” into a new private
address “0xB96C”. The recipient wallet “0xB96C” now holds a total
of over 4.58 trillion SHIB, worth more than $33 million at the time
of writing. 🚨 🚨 4,584,530,677,374 #SHIB (33,132,403 USD)
transferred from #Bitvavo to unknown wallethttps://t.co/HrCbR3oavs
— Whale Alert (@whale_alert) October 5, 2023 There’s no way to know
what the whale plans to do with their huge SHIB holding, but large
transfers like this tend to breed speculations from investors. When
SHIB is withdrawn from exchanges, it reduces the selling pressure.
This reduces the available supply of SHIB for sale, putting upward
pressure on the price. While whale movements tend to reveal
the current market sentiment, a single transfer cannot necessarily
move the entire market. As a result, Shiba Inu’s price hasn’t
reacted much to the transfer, although it has lost 0.32% of its
market cap in the past 24 hours. Future Outlook For Shiba Inu Shiba
Inu and its community have had to endure a few ups and downs around
the launch of the layer-2 network Shibarium. Before its launch,
Shiba Inu witnessed massive whale withdrawals from exchanges which
increased buying pressure and the price of SHIB. While SHIB
tokens are being removed from some crypto exchanges, others are
simultaneously finding themselves on other exchanges. Recently, 425
billion SHIB tokens worth $3.2 million made their way into Coinbase
as part of a potential selloff. Also, SHIB tokens in wallets linked
to Ryoshi, Shiba Inu’s anonymous founder, were recently caught on
the move. Related Reading: Bitcoin Investment Strategy:
Analyst Sets Hefty Exit Price Although Shiba Inu witnessed a price
increase at the beginning of the week, it has since lost most of
these gains. Nevertheless, Shiba Inu currently maintains a market
cap of $4.24 billion, so its price didn’t respond all that strongly
to this shift. At the time of writing, SHIB is trading at
$0.000007196. Data points to an upcoming rally with a price surge
of over 400%. SHIB bears struggle for control | Source:
SHIBUSD on Tradingview.com Featured image from Finbold, chart from
Tradingview.com
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