Whale with Over 100 Trillion Shiba Inu Moves 4 Trillion Tokens – What Does This Mean?

Shiboshis NFT

Shiba Inu supporters have raised concerns following the resurgence of an inactive whale in the Shiba Inu cryptocurrency ecosystem, according to a recent update on Thursday. SpotOnChain, a prominent blockchain analytics platform, reported that this early investor in Shiba Inu had maintained a dormant wallet for more than 157 days.

The platform disclosed that within 24 hours of reawakening, the whale transferred over 4 trillion SHIB tokens to various addresses. This sudden activity has sparked attention and speculation within the Shiba Inu community.

Confirmation of the claim can be found in data from Etherscan. According to Etherscan, the affluent Shiba Inu whale indeed distributed precisely 4,000,000,000,107 (4 trillion) SHIB tokens, which amounts to over $30 million, across nine newly created wallets.

The first transaction occurred at 8:40 AM (UTC) on July 12, where the unidentified whale transferred a small quantity of 107 SHIB tokens to a specific address. Subsequently, the whale proceeded to transfer 500,000,000,000 SHIB tokens to eight different addresses in rapid succession.

Source: Etherscan

Significantly, the initial four transactions took place on July 12, while the remaining five transfers of SHIB tokens were carried out today.

Even after the substantial transfers, the whale’s wallet still holds approximately 6.2 trillion SHIB tokens. SpotOnChain highlighted that this affluent investor possesses more than 100 trillion SHIB tokens distributed across multiple wallets.

Related article: Shiba Inu: Top Whale Holds 101 Trillion SHIB Tokens

Previous Whale Transactions

The most recent transaction involving the Shiba Inu whale’s address was recorded on February 5, when they received approximately 7,050 SHIB tokens from a Coinbase address. Prior to this transaction, the whale had sent 229,287 SHIB tokens to a top exchange. Additionally, on November 9, they transferred 20 trillion SHIB tokens in two equal transactions, as per data from Etherscan.

It is important to note that this whale is one of the early investors in SHIB. In 2020, they acquired a staggering 103 trillion SHIB tokens by using 37.81 ETH valued at $12,500.

During the SHIB price surge in 2021, the whale reportedly made an estimated profit of $18.49 million. SpotOnChain revealed that they swapped around 1.9 trillion SHIB tokens across various exchanges, including Binance, Coinbase, and MEXC, at an average price of $0.00000969 in July 2021.

Another prominent analytics platform, Lookonchain, disclosed that the whale sold 603 billion SHIB tokens for 2,411 ETH in 2021. Additionally, they deposited 1.25 trillion SHIB tokens valued at $8.77 million on Coinbase during the same year.

The Impact on Shiba Inu’s Price 

Speculation has arisen among market participants regarding the potential selling of the recently transferred 4 trillion SHIB tokens by the whale. However, as of now, these tokens remain in the whale’s wallets. If they were to be sold, it could potentially have a negative impact on the price of SHIB.

Currently, SHIB is trading at $0.000007538 and has displayed positive momentum in the past hour. However, over the past 24 hours and seven days, SHIB has experienced a slight decline of over 0.17% in each period.

On the other hand, over the past 30 days, SHIB’s price has witnessed an increase of over 12%, indicating a growing interest from investors.

The Relative Strength Index (RSI) for SHIB on the daily timeframe is currently at 48, suggesting a balance between buying and selling pressures. 

Furthermore, there are additional upcoming developments, such as the Shibarium mainnet launch, which could further enhance bullish sentiments surrounding the asset.

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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