Last updated on May 18th, 2024 at 11:51 am
Shiba Inu recently witnessed a spike in whale activities as a massive 600 billion SHIB tokens changed hands in less than 24 hours.
In a recent development, a staggering amount of Shiba Inu tokens have been spotted moving between wallets, leaving the SHIB community in speculations about the reason behind the action.
Where do the transfers originate from
According to data from Etherscan, the aforementioned amount of SHIB tokens was transferred across three separate transactions. These movements might be seen as an indicator of how assets are currently moving through the SHIB ecosystem.
Per the data, the first transfer was from a wallet associated with the South Korean cryptocurrency exchange, Bithumb, labeled ‘0x9b1.’ The transaction sent a mouthwatering volume of Shiba Inu tokens to an anonymous wallet ‘0x95a.’
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Upon further check, Bithumb may have initiated the transfer on behalf of a client, or, it may have simply been moving funds within its wallet networks.
Meanwhile, the recipient wallet may be another crypto exchange or simply a private investor diversifying its holdings.
The second significant transaction occurred between a wallet associated with Wintermute ‘0x4f8’ and the same recipient as the first one ‘0x95a.’ The asset management company may be rebalancing its portfolio or providing trading pairs involving SHIB with liquidity.
The California-based financial service company, Robinhood, conducted the third transaction, moving over 126 billion SHIB tokens. The transfer originated from the wallet identified as ‘0x23f’ to the same recipient address as the first two.
This action may be a component of Robinhood’s asset management plan, perhaps connected to the rebalancing of its SHIB holdings or customer trading activities.
Shiba Inu (SHIB) price reaction
The SHIB chart shows a recent downtrend in price. According to data from Coinstats, Shiba Inu is currently trading at $0.000009, representing a 1.69% decline in the last 24 hours.
Source: Coinstats
Shiba Inu’s key support level can be found at $0.0000096. If the price of the token can break through the immediate resistance, traders could expect a further upward movement to the $0.0000120 level.
Additionally, Shiba Inu has a 24-hour trading volume of $108,382,614 ($108 million) and a live market cap of $5,323,930,805 ($5.3 billion).
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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.