Shiba Inu Whale Moves 1.6 Trillion SHIB to Anonymous Wallet

Bittime - Shiba Inu Whale is in the spotlight after massive transaction activity of SHIB tokens was detected on the blockchain network. 

Based on a report from Whale Alert, more than 1.6 trillion SHIB tokens or around $39 million have been moved from Crypto.com to anonymous wallets. Read this article to find out more!

Large Transactions by Shiba Inu Whale

In the last 24 hours, there have been several large transactions by Shiba Inu whales, with the largest being the transfer of 1.6 trillion SHIB from Crypto.com to private wallets. 

This kind of transfer of funds to anonymous wallets is often associated with accumulation by whales or large investors.

This sparked speculation that the SHIB price could reach a new ATH. Historically, something similar has often been seen as a signal of investor optimism, which could encourage prices to rise. 

Currently, SHIB price is at $0.00002196, down 9% in the last 24 hours, despite trading volume increasing by 39%.

Read Also: Shiba Inu Price Today, How Much Is 1 SHIB Coin Rupiah?

Shiba Inu Whale Activity Surge

The Large Holders Inflow indicator which measures the activity of wallets holding at least 0.1% of the total SHIB supply showed an increase. 

Around 492.81 billion SHIB tokens were transferred to wallets belonging to Shiba Inu whales in the same period.

This increase was accompanied by a reduction in outflow of 382.94 billion SHIB, resulting in a net flow of approximately 109.87 billion SHIB. 

This accumulation by Shiba Inu whales strengthens speculation that Shiba Inu prices could surge, especially because whale activity is often an indicator of significant changes in the market.  

Shiba Inu Whale: Bullish Pattern 

Technical analysis suggests that Shiba Inu price may be on the verge of rising. A cup-and-handle technical pattern was detected on the weekly chart, which is often considered a signal of rising prices.

One analyst even predicted that the SHIB price could surge up to $0.000066651 if Shiba Inu manages to break the resistance level. 

A similar price trend was previously seen last December when SHIB price rose to $0.00003329 before experiencing a correction to $0.0000186.

Read Also: Shiba Inu ($SHIB) Price Analysis and Prediction

Shiba Inu FAQs

What is Shiba Inu?

Shiba Inu is a crypto asset that was originally known as a meme coin with the iconic Shiba Inu dog mascot, but has now grown into a project with a broad ecosystem, including DeFi, token burning, and a Layer 2 solution called Shibarium.  

How Does Shiba Inu Token Burn Work?

Shiba Inu token burn is carried out by permanently removing a portion of the supply of SHIB tokens to reduce the number in circulation, so that the token becomes scarce and is expected to increase the value of the token.

What's that Shibarium and the Benefits for Shiba Inu?

Shibarium is a Layer 2 Shiba Inu solution designed to increase transaction speed, reduce gas fees, and support blockchain-based application development.

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Reference

Coingape, Is a Shiba Inu Price Recovery Looming As Whales Move $39M?, accessed January 8, 2024.

Author: IPR