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Shiba Inu Whale

Shiba Inu Takes A Hit As Whale Moves $28.7 Million in SHIB

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Shiba Inu has taken a 3% hit today as a whale has moved a massive SHIB stack worth $28.7 million in the last 24 hours.

Shiba Inu Has Declined Over The Past Day

SHIB had kicked off 2023 on a positive note as the meme coin had been riding an uptrend during the first five days of the year. Today, however, the asset has reversed toward a decline and has already erased almost all the gains of the recent rally.

At the time of writing, Shiba Inu is trading around $0.00000821, down 3% in the last 24 hours. Below is a chart that shows the trend in the crypto’s price over the past five days:

Shiba Inu Price Chart

The value of the crypto seems to have observed sharp decline today | Source: SHIBUSD on TradingView

As you can see in the above graph, SHIB had been climbing up until yesterday and stood at around 6% gains for 2023 at that point. Since then, however, the coin has turned around and has been going down instead. Now, Shiba Inu only has 1% profits in year-to-date performance.

Related Reading: DCG Closes Subsidiary HQ Digital, Fueling Fears In Bitcoin Market

In terms of the weekly returns, SHIB investors are currently still 3% better off, but these profits are much lesser than the 7% value seen yesterday, suggesting that the downtrend is wiping away all the progress the coin has made recently. The meme coin’s fiercest rival, Dogecoin, is also only sitting at marginally better gains of about 4% in this period.

Now, why did Shiba Inu lose the upwards momentum and rapidly dropped off in the past day? The movement of whales could provide hints about it.

SHIB Whale Has Transferred 3.3 Trillion Tokens

As per data from the crypto transaction tracker service Whale Alert, a massive Shiba Inu transfer has been recorded on the Ethereum blockchain in the past day. In total, this transaction involved a movement of 3,373,256,285,000 SHIB, which was worth upwards of $28.7 million at the time of the transfer.

Here are the complete details of this transaction:

Shiba Inu Whale Transfer

Looks like this transfer took a fee of $2.24 to go through | Source: Whale Alert

It would appear that both the sending and the receiving addresses for this transaction were unknown addresses. Such addresses are unattached to any known centralized platform (like an exchange), meaning that they are likely to be personal wallets.

As this transfer involved the movement of a massive amount of coins, the sender is most likely to be a whale. Now, what the whale intended to do with this transaction is unclear, as the receiving end is usually an exchange when selling is the purpose.

Related Reading: Altcoin Trading Dominance Exceeds 50%, What Does This Mean For Bitcoin?

However, given that the price went down after this transaction (the same stack of coins is now worth only $27.7 million), the whale might have indeed dumped, and done so through over-the-counter (OTC) means instead.

Nonetheless, one optimistic sign for SHIB holders could perhaps be that the coin has become the most-traded token of the 1.000 largest Ethereum whales in recent hours, according to WhaleStats:

https://twitter.com/WhaleStats/status/1611317978657656832

This renewed interest could be for selling much like the whale from yesterday, but given that this trading activity has come after the price has already been declining, it might be for buying instead.

Featured image from Todd Cravens on Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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