Shiba Inu Whale Moves $45 Million In SHIB, Bullish?
December 26 2023 - 11:00AM
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Amid the joyous mood of the festive season, the Ethereum-based meme
coin, Shiba Inu has witnessed massive whale activity over the past
24 hours, causing speculation around the crypto community. Shiba
Inu Sees Substantial Whale Activity A recent report revealed that a
Shiba Inu whale has moved about 4 trillion SHIB tokens to an
unidentified wallet. The whale activity came amidst the crypto
asset’s price decline in tandem with the decline in the SHIB burn
rate. Data from the on-chain tracker, Whale Alert, shows the
unknown wallet 0x9c570088…a22fd8b51b move 4,239,147,213,294 SHIB to
the unknown wallet address 0x72c3f4fc…fa8d75d719. Related
Reading: Shiba Inu Climbs 12% On Christmas Day – Brewing Bull Run
Or False Dawn? The on-chain tracker reported that the whale
transaction was valued at $45.12 Million as of the time the
transfer was made. Despite the magnitude of this transaction, the
gas fee used to initiate the transfer was significantly low. Shiba
Inu appears to be experiencing substantial whale activity of this
size lately. This marks the second time that such transactions have
been carried out in the past few days. On Sunday, December 24,
Whale Alert also reported another whale transaction carried out by
an unknown wallet. The whale transaction saw a staggering 4.25
trillion SHIB being transferred to an unidentified wallet,
according to the on-chain tracker. The data shows that the
aforestated SHIB was sent to the unknown wallet address
0x9c570088…a22fd8b51b by the wallet address 0x3ce6bed2…87d896c59f.
As of the time of the transaction, the 4.25 trillion SHIB was
valued at a whopping $46 million. In just two days, over 8.4
trillion SHIB tokens have been moved between unknown wallet
addresses. This has since sparked speculations within the Shiba Inu
community about whether these transactions signify a bearish or a
bullish move. Nonetheless, the transfer of SHIB between
unidentified wallets during a price decline might suggest that
traders are feeling more confident. Shibarium Reaches Another
Transaction Milestone Shiba Inu Layer 2 blockchain network
Shibarium, has recently crossed a whopping 190 million in network
transactions. This marks another major milestone for the project,
indicating robust strength and activity within the ecosystem.
Related Reading: Shiba Inu Eyes $0.00002 As Shibarium Marks
Momentous Milestone According to data from Shibariumscan.io, the
total number of completed transactions within the network is
approximately 192,000,000. In addition, approximately 1,320,000
active addresses on the network contributed to this significant
number of transactions. Furthermore, the Shibarium network’s daily
transactions are currently sitting at about 7.53 million.
Shibarium’s transaction volume has since increased from an average
of 20,000 daily to over 7 million daily, putting the network in the
limelight. Since it initially went past 7 million transactions
daily over the past weeks, the blockchain has continued to maintain
within that range. The rise in daily transactions demonstrates the
meme coin’s quick growth and widespread adoption in the past few
months. Currently, the price of Shiba Inu is down by 1% in the past
24 hours, trading at $0.00001067 as of the time of writing. Data
from CoinMarketCap shows thatiIts trading volume is also down by
5%, currently sitting at $185.31 million. Featured image from
iStock, chart from Tradingview.com
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