Shiba Inu (SHIB), the crypto ecosystem’s second-largest memecoin has seen a massive 3 trillion token transfers between two anonymous wallets. Per data from crypto analytics platform Whale Alerts, massive transaction took place within the first hour of today.
Whales Moving Shiba Inu
Per the data on record, the 3,000,000,000,000 SHIB tokens was moved from the wallet address tagged “0x73af3bcf…7e2054d935.” The receiving wallet “0x2efb50e9…32bbf2e204” is identified as a multichain wallet.
The 3 trillion SHIB is worth $79,947,000 at the time the transfer was made. This figure implies that each Shiba Inu was moved at an average price of $0.000026649. That the wallets are anonymous wallets has given the markets less to speculate on.
Ideally, there are at least 2 different scenarios that might underpin such massive token transfer. It could be that the whales are trying to selloff the SHIB tokens via Over-The-Counter (OTC) deal. If traders perceive this scenario to be the case, the transferred SHIB might spark selloff fears that might trigger price slump.
However, another possible scenario is that the whale is adjusting its portfolio and moving the enormous SHIB into a more secure wallet for storage. By the balances in the two wallets – $231.5 million from 135 tokens for the sender, and $255.3 million from 154 tokens for the recipients – it becomes evident that these are not new traders.
Shiba Inu Price Reaction
In reaction to the massive token transfer, the price of Shiba Inu has soared by 1.93% in the past 24 hours to $0.000026649. The mild uptick shows the market is unfazed by the 3 trillion token transfer.
With a broader resurgence in the market, Shiba Inu has sufficiently formed a support around the $0.000026 price level. In the short term, the token is now eyeing reclaiming the $0.00003 resistance level.
