A large investor has been spotted offloading over 1 trillion tokens of the second-largest memecoin by market cap, Shiba Inu. This large transaction has raised speculations about the possible intent and the potential effect on the price of the coin.
This is particularly intriguing given that the mentioned amount of SHIB was moved in a single transaction. Notably, this comes amid a current market downtrend that has seen the price of SHIB drop by over 5% in the last 24 hours. The recent dump has created a wave of bearish sentiment surrounding the coin as the number of holders drops.
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Whale Moves 1 Trillion SHIB to Binance
Whale Alert, a crypto large transaction tracker, reported a substantial transaction carrying more than 1 trillion SHIB tokens from an unknown wallet to the largest cryptocurrency exchange by trade volume, Binance. According to the report, the whale transferred exactly 1,087,988,359,122 (1.08 trillion) SHIB to the crypto exchange approximately five hours ago from press time. At the time of the transfer, the total transaction was worth approximately $18.4 million.
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Source: Whale Alert
While the exact reason behind the dump is unknown, it is widely speculated that a transfer of such magnitude to a centralized exchange often signifies a sell-off. If this is the case, then it signifies a loss of investors’ interest in the coins’ future as they liquidate their positions to cash in on any obtainable profit.
This possibility coincides with a broader trend of investor numbers dropping according to data from Etherscan. Per the data, the total number of Shiba Inu holders has declined marginally compared to June 10 when the coin reached a high of $0.00002.
Previously, the Shiba Inu community saw a significant amount of large SHIB accumulations amid the price downtrend, implying that investors are securing new positions at a discounted rate. However, the overall sentiment around the project is bearish.
Shiba Inu (SHIB) Price Movement
Meanwhile, SHIB has taken a nosedive in the last 24 hours. Consequently, it has recorded one of the biggest losses among the top 10 memecoins by market cap. According to data from Coinstats, the price of SHIB is currently $0.00001668, representing a 5.32% drop over the last day.
Source: Coinstats
While the price of the coin is dropping, the trading volume over the recorded time has skyrocketed by 140.8% to $308 million with a live market cap of $9.85 billion. Additionally, SHIB has traded between the lows and highs of $0.00001654 and $0.0000178 in the last 24 hours which is still about 80.7% below its all-time high of $0.00008616 reached on October 28, 2021.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.