Shiba Inu Whale Shifts 1.25 Trillion SHIB Amid Market Volatility, Here’s The Destination
March 06 2024 - 12:00PM
NEWSBTC
SHIB’s recent price movement has been nothing but explosive. As of
late, Shiba Inu has established itself as a leading performer in
the cryptocurrency market, performing as high as 300% in a seven
day timeframe. Interestingly, a large SHIB transaction seems
to have caught the eye of investors. According to whale transaction
tracker Whale_Alerts, 1.25 trillion SHIB tokens worth $51.3 million
were sent into an unknown wallet. On further investigation into
on-chain data, it was determined that the recipient wallet is a
Robinhood-linked wallet address. Whale Shifts 1.25 Trillion
SHIB Shiba Inu’s ecosystem is home to many whale investors, and
transactions among these whales are not uncommon. According to
on-chain data from IntoTheBlock, whale transactions greater than
$100,000 have been increasing in the past few days. As a result,
the number of transactions from this cohort spiked to 3,848 on
March 5 as compared to 2,222 on March 4 and 845 on March 3.
Furthermore, data from the on-chain analytics platforms shows that
the total value of transactions greater than $100,000 has now
reached $5.77 billion in the past seven days. Related Reading:
Institutions Can’t Get Enough Of Crypto As Trading Volumes Hit New
$30 Billion Record One of the most significant transfers during
this timeframe that was reported by Whale_Alerts is the transfer of
1.25 trillion SHIB tokens from crypto exchange Cumberland into a
wallet linked to Robinhood. While the identity of the individuals
involved in the transfer is unknown, the whale transfer appears to
have generated interest from SHIB investors as it comes amid
extreme market volatility. Possible explanations include profit
taking from a whale or an institutional investor buying SHIB. 🚨 🚨
1,250,318,249,876 #SHIB (41,329,269 USD) transferred from
#Cumberland to unknown wallethttps://t.co/i7SYyYui4K — Whale Alert
(@whale_alert) March 4, 2024 Notably, another recent SHIB
transaction alert from the whale tracker indicates a similar
transfer of 167 billion SHIB tokens from Wintermute, a crypto
algorithmic trading firm to crypto exchange Binance. At the time of
transfer, the SHIB tokens were worth $5.28 million. 🚨
167,809,919,988 #SHIB (5,286,935 USD) transferred from #Wintermute
to #Binancehttps://t.co/aU8tNgMsxB — Whale Alert (@whale_alert)
March 5, 2024 Shiba Inu To Keep Soaring? SHIB broke above the
$0.00004 mark twice in the past 24 hours. However, it has since
corrected a 7.5% and is now trading at $0.000035. Nevertheless, the
cryptocurrency is still up by 230% in the past seven days and 304%
in the past 30 days. Related Reading: The Ethereum Foundation Is
Selling ETH Again, Is The Top In? The recent price surge has caused
Shiba Inu to move up to 10th place in terms of market cap rankings.
More holders have also turned a profit, with 73% of wallet
addresses now making money. 11% of addresses are at break even,
while 17% are still at a loss. More holders are set to move
into profit if Shiba Inu resumes its price increase. The first step
would be to cross over the $0.000045 mark. Activity on Shiba Inu’s
layer-2 network Shibarium also points to continued price
growth. The recent price surge has seen Shibarium witnessing
an increase in the number of active accounts. Data shows daily
active accounts reached 1,896 on March 4 and 1,227 on March 5 after
spending the majority of February below 1,000. SHIB price at
$0.0000339 | Source: SHIBUSD on Tradingview.com Featured image from
FXLeaders, chart from Tradingview.com
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