Shiba Inu Whale Moves $32.4 Million In SHIB, Large Sell Incoming?

Scott Matherson

1 year ago

3 mins read

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Shiba Inu’s ecosystem hasn’t been spared from the crypto market volatility in recent weeks, as the price has been caught in a whirlwind of uncertainty in recent times. While investors are still wondering about the short-term outlook of the crypto, a Shiba Inu whale has gone ahead to move $32.4 million in SHIB tokens into an unknown wallet.

Whale Moves $32.4 Million Shiba Inu

This whale transfer appears to have generated interest from SHIB investors, considering the relatively quiet environment within the Shiba Inu ecosystem. The sheer size of this transaction is notable and worth monitoring, as a selloff could introduce selling pressure and negatively impact SHIB’s price, even if temporary.

However, sometimes whales will move their funds around between wallets for various reasons other than buying and selling. It would seem like this is the case, as an in-depth look into the transactions shows the transfer could’ve been between wallets controlled by the same entity.

🚨 🚨 4,587,030,677,374 #SHIB (32,409,665 USD) transferred from unknown wallet to unknown wallethttps://t.co/Mbf5ejiaYb

— Whale Alert (@whale_alert) October 16, 2023

According to on-chain data, the transaction was made from the address “0xe9bb” into a new private address “0x44a8”. The recipient wallet “0x44a8” now holds a total of over 4.58 trillion SHIB, worth more than $33 million at the time of writing. Address “0xe9bb” had initially received the tokens from “0xA863” before transferring it out to “0x44a8” in less than 10 minutes.

SHIB price trending at $0.000007 | Source: SHIBUSDT on Tradingview.com

Large Sell Incoming?

This whale transfer is one of the largest SHIB transactions this month. But while whale movements tend to reveal the current market sentiment, a single transfer cannot necessarily move the entire market, even if there’s a selloff.

As a result, Shiba Inu’s price hasn’t reacted much to the transfer but has lost 0.29% of its market cap in the past 24 hours. Although there’s always a possibility of the whale dumping their entire bag, this trading behavior suggests they intend to keep holding the tokens.

SHIB is currently the second-largest meme cryptocurrency, although the majority of investors are losing money at this point. As reported from data provided by IntoTheBlock, only 9% of holders are making money at the current price.

Nevertheless, the SHIB burn rate saw a spike of 233% since the beginning of the new week as community members remain committed to reducing its available supply.

At the time of writing, Shiba Inu is trading at $0.000007059. Yesterday, the value of the cryptocurrency skyrocketed to 0.000072 as a direct reaction to Bitcoin crossing the $29,000 threshold. However, the meme coin has retraced most of its gains from Monday. It is down 0.61% in the last 24 hours, but seeing 1.97% gains on the weekly chart.

Featured image from iStock, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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