Whale Unstake of 800.21B SHIB on ShibaSwap Sparks Fears

According to data from Etherscan.io, a Shiba Inu Whale, whose holdings rank 54th, moved a significant amount of 800,215,912,624 (800.21B) SHIB, worth $8,230,620 ($8.23M), in a single transaction from the ShibaSwap DEX to its wallet about 11 hours ago from the time of this writing.

*Major Shiba Inu Whale Unstaked 80021B SHIB*

This transaction was also verified by Whale Alert, a well-known platform for tracking blockchain activities.

🚨 800,215,912,624 #SHIB (8,230,620 USD) transferred from Shiba Staking to unknown wallethttps://t.co/EAryhzbrQ0
— Whale Alert (@whale_alert) March 15, 2023

After the transfer, the total SHIB holdings of the major Shiba Inu investor increased to 1,084,415,912,624 (1.08T), valued at $11,288,769 ($11.28M).

It is unclear why the tokens were unstaked, but at the moment, the tokens remain in the wallet and have yet to be moved to any exchange for selling purposes.

Currently, the SHIB token’s total supply is 589,610,792,299,634 (589.61T) SHIB, of which 573,714,776,777,076 (573.71T) SHIB is in circulation, and the remaining 15,896,015,522,557 (15.89T) SHIB has been staked on the ShibaSwap DEX.

Over the past 24 hours, the value of SHIB has decreased by more than 8%. The situation was exacerbated when Voyager, a bankrupt lending platform, sold 270 billion SHIB tokens worth $3 million to Coinbase yesterday, increasing selling pressure.

Despite the recent selling pressure, Shiba Inu is still being adopted by mainstream entities. Binance, for instance, has rolled out a crypto-focused prepaid card in Colombia that enables residents to make payments for their goods and services using SHIB and 11 other cryptocurrencies that the card supports.

At the time of writing, SHIB is being traded at a value of $0.00001047, and its 24-hour trading volume is $394,508,822 ($394.5M).

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

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