SHIB 417 Billion New Wallet Token Accumulation

SHIB 417 Billion New Wallet Token Accumulation

A significant development has taken place within SHIB holdings,as new whale wallet accumulate 417 Billion SHIB tokens worth $4.4 million.

Although the token’s price may not have reached its all-time high, notable investors continue to show keen interest. Recent weeks have witnessed several such movements, and the latest involves the appearance of a distinctive wallet.

On-chain data reveals that the new address, identified by the initials 0x75095, received the substantial sum of 417 billion tokens, valued at around $4.4 million. While the identity of the address holder remains unknown, indications from further investigation suggest institutional involvement behind this significant transfer.

Notably, the sending address received 0.018 ETH (approximately $38) from an account linked to Coinbase Prime an hour before initiating the SHIB transaction. Following the transaction, the wallet promptly returned the ETH balance to Coinbase Prime.

Also read: Shiba Inu: Marketing Lead Reveals Exciting Plans for Shibarium in 2024

Coinbase Prime, the institutional-focused branch of the renowned cryptocurrency exchange Coinbase, adds another layer to the intrigue. The association with Coinbase Prime has sparked speculation that the substantial SHIB transfer may involve Coinbase or one of its institutional clients.

Rise In SHIB Transactions

The latest whale transfer involving Shiba Inu joins a rapidly growing list of large movements of the token. In this month alone, FxcryptoNews have reported several such transfers, notably including a 2.28 trillion Shiba Inu transfer. 

Although these large movements have not necessarily translated to higher SHIB prices, they provide another indicator. Large players are still interested in the project, and a future increase can not be completely ruled out.

Currently, SHIB is trading at  $0.000010656 per token.

SHIB Current Price Chart

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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