a Shiba Inu whale recently transferred a whopping $33 million worth of SHIB tokens from a crypto exchange to an unknown wallet. More than 4.58 trillion Shiba Inu tokens worth $33.13 million have ended up in a private wallet, according to on-chain data from Whale Alerts. of the crypto exchange Bitvavo.
Details of the whale transfer
The Shiba Inu ecosystem is home to many whale investors transactions between these whales are not uncommon. There have been some in recent months huge transfers from SHIB from different whale addresses. This latest SHIB whale transfer was first spotted by Whale Alerts, a platform that tracks major cryptocurrency transactions.
According to on-chain data, the transaction was made from the address “0xfd55” to a new private address “0xB96C”. The receiving wallet “0xB96C” now totals over 4.58 trillion SHIB, worth over $33 million at the time of writing.
🚨 🚨 4,584,530,677,374 #SHIB (USD 33,132,403) transferred from #Bitvavo to unknown wallethttps://t.co/HrCbR3oavs
— Whale Alert (@whale_alert) October 5, 2023
There’s no way of knowing what the whale plans to do with their massive SHIB holdings, but big transfers like this tend to breed investor speculation. When SHIB is delisted from the exchanges, it will reduce selling pressure. This reduces the available supply of SHIB for sale, putting upward pressure on the price.
While whale movements tend to reveal current market sentiment, a single transfer cannot necessarily move the entire market. As a result, Shiba Inu’s price has not reacted much to the transfer, although it has lost 0.32% of its market capitalization in the last 24 hours.
Future prospects for Shiba Inu
Shiba Inu and its community have had to endure a major crisis few ups And downs around the launch of the Layer-2 network Shibarium. Before the launch, Shiba Inu witnessed the massive withdrawal of whales from exchanges, increasing the buying pressure and the price of SHIB.
While SHIB tokens are being removed from some crypto exchanges, others are on other exchanges at the same time. Recently 425 billion SHIB tokens worth $3.2 million found their way to Coinbase as part of a possible sell-off. Also, SHIB tokens have recently appeared in wallets linked to Ryoshi, the anonymous founder of Shiba Inu caught on the road.
Although Shiba Inu witnessed a price increase at the start of the week, the company has since lost most of these gains. Nevertheless, Shiba Inu currently maintains a market cap of $4.24 billion, so the price did not react as strongly to this shift.
At the time of writing, SHIB is trading at $0.000007196. Data points to an upcoming rally with a price increase of more than 400%.
SHIB bears struggle for control | Source: SHIBUSD on Tradingview.com
Featured image of Finbold, chart from Tradingview.com
