The cryptocurrency market has been highly volatile in recent weeks, with Shiba Inu making headlines as a popular meme-inspired cryptocurrency.
Over the last 24 hours, the price of the popular meme coin witnessed a slight uptick of approximately 5%, which drew the attention of investors and traders.
However, as of the time of writing, the cryptocurrency has seen a decline of 2.32% in, resulting in mixed sentiments among its holders.
The minor surge in the price of Shiba Inu was enough to stimulate selling activities among crypto whales – large investors with significant holdings of digital assets.
Such market players are known to have a significant impact on the cryptocurrency market, and their behavior is often closely monitored by other investors.
As per the information shared by Etherscan, a few prominent wallets have transferred almost 6 billion SHIB to two leading cryptocurrency exchanges through multiple transactions.
Whale Transactions On Major Crypto Exchanges
A considerable amount of Shiba Inu (SHIB) was recently transferred to two of the largest cryptocurrency exchanges, Uniswap and Binance. The transfers were made in multiple transactions, with the largest of them carrying 2,208,284,207 and 1,472,189,471 SHIB, respectively.
The goal of these transfers was likely to sell SHIB, triggered by earlier price surge. The total value of these transfers is significant, as the recent overnight price surge has increased the value of 6 billion SHIB to $64,440.
How will these significant transactions impact the overall market trends of SHIB, and what does it indicate about the sentiments of these influential investors?
Meanwhile, one whale took an opposite approach and added several billion SHIB to their meme coin portfolio.
This particular whale made four purchases of slightly under 4,000,000,000 SHIB each over the past two hours and now holds a whopping 15,996,999,997 SHIB.
It remains to be seen how these whale transactions will impact the market trends of SHIB in the coming days.
Outlook On Shiba Inu
The recent significant transactions involving SHIB on major cryptocurrency exchanges, including Uniswap and Binance, have the potential to impact the overall market trends of the meme-inspired cryptocurrency.
The transfer of nearly 6 billion SHIB to these exchanges in multiple transactions, followed by the purchase of several billion tokens by a whale investor, indicates that there is ongoing interest in SHIB among influential investors.
SHIB market cap at $5.9 billion on the daily chart at TradingView.com
These transactions also suggest that the whale investors are closely monitoring the market trends and are likely making calculated moves based on their expectations.
The goal of the transfers to Uniswap and Binance was likely to sell SHIB, given the recent price surge. However, the purchase of several billion tokens by a whale investor signals a bullish sentiment toward SHIB.
Nevertheless, it is crucial to keep an eye on the activities of these influential investors to gauge the overall sentiment and direction of SHIB in the market.
(This article is for educational and informational purposes only and should not be construed as investment advice)
-Featured image from NPR