Huge Shiba Inu Token Transfers Totaling 20 Trillion Tokens Occur Rapidly

Shiboshis NFT

Recently, there were four significant transactions involving Shiba Inu tokens, each transferring 5 trillion tokens. According to Whale Alert, these transfers occurred between wallets labeled as “unknown.” As a result, the receiving address accumulated a total of 20 trillion SHIB tokens.

Source: WhaleAlert

At the time of reporting, the wallet still held all the tokens it received without any transfers. Etherscan data indicated that the address now possessed 2% of the total supply of SHIB tokens, making it the fifth-largest holder. The combined value of the SHIB tokens in the wallet was estimated at $175 million.

Source: Etherscan

In addition to SHIB tokens, the wallet also contained ten other cryptocurrencies. The largest holding after SHIB was Ethereum (ETH) with an estimated value of $147 million. Other holdings included MATIC, Chainlink (LINK), Compound (COMP), Aave (AAVE), Uniswap (UNI), USD Coin (USDC), and PEPE.

The remaining five token holdings in the wallet had relatively low values, ranging from $3 to $17. Therefore, apart from Ethereum (ETH) and SHIB, the wallet’s significant investments included MATIC valued at $45.3 million and Chainlink (LINK) valued at $15.9 million.

Source: Etherscan

Related article: Shiba Inu (SHIB) Shows First Death Cross of 2023

Shiba Inu Holding Time 

Over the past few weeks, the price of Shiba Inu has been steadily declining. Despite this, market participants are still holding onto their Shiba Inu tokens.

Data indicates a significant increase in the holding time for Shiba Inu recently. Presently, the average period for which investors hold the asset is 8 months. However, earlier this week, the average holding time had dropped to just 1 month, indicating a strengthening conviction among market participants.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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