A Shiba Inu whale recently transferred a whopping $33 million in SHIB tokens off a crypto exchange into an unknown wallet. According to on-chain data from Whale Alerts, over 4.58 trillion Shiba Inu tokens worth $33.13 million have made their way into a private wallet from the crypto exchange Bitvavo.
Details Of The Whale Transfer
Shiba Inu’s ecosystem is home to many whale investors, and transactions among these whales are not uncommon. Over the past few months, there have been huge transfers of SHIB from various whale addresses. This latest SHIB whale transfer was first spotted by Whale Alerts, a platform that tracks major cryptocurrency transactions.
According to on-chain data, the transaction was made from the address “0xfd55” into a new private address “0xB96C”. The recipient wallet “0xB96C” now holds a total of over 4.58 trillion SHIB, worth more than $33 million at the time of writing.
— Whale Alert (@whale_alert) October 5, 2023
There’s no way to know what the whale plans to do with their huge SHIB holding, but large transfers like this tend to breed speculations from investors. When SHIB is withdrawn from exchanges, it reduces the selling pressure. This reduces the available supply of SHIB for sale, putting upward pressure on the price.
While whale movements tend to reveal the current market sentiment, a single transfer cannot necessarily move the entire market. As a result, Shiba Inu’s price hasn’t reacted much to the transfer, although it has lost 0.32% of its market cap in the past 24 hours.
Future Outlook For Shiba Inu
Shiba Inu and its community have had to endure a few ups and downs around the launch of the layer-2 network Shibarium. Before its launch, Shiba Inu witnessed massive whale withdrawals from exchanges which increased buying pressure and the price of SHIB.
While SHIB tokens are being removed from some crypto exchanges, others are simultaneously finding themselves on other exchanges. Recently, 425 billion SHIB tokens worth $3.2 million made their way into Coinbase as part of a potential selloff. Also, SHIB tokens in wallets linked to Ryoshi, Shiba Inu’s anonymous founder, were recently caught on the move.
Although Shiba Inu witnessed a price increase at the beginning of the week, it has since lost most of these gains. Nevertheless, Shiba Inu currently maintains a market cap of $4.24 billion, so its price didn’t respond all that strongly to this shift.
At the time of writing, SHIB is trading at $0.000007196. Data points to an upcoming rally with a price surge of over 400%.