According to Etherscan’s recent data, two separate whales holding Shiba Inu tokens transferred a total of almost 35 billion tokens within 24 hours. These large transactions took place on April 12, 2023, while SHIB’s value decreased by 4% on Wednesday and was trading at a price of approximately $0.00001080.
A Coinbase wallet held by the first Shiba Inu whale was used to transfer 10 billion SHIB tokens in two transactions that occurred a few minutes apart. The whale moved 10.37 billion tokens in each transaction to different wallet addresses.
Another Shiba Inu whale, using a separate Coinbase wallet, transferred 11 billion SHIB tokens in one transaction, and then later on, moved an additional 2.1 billion tokens in a separate transaction that took place a few hours later. In total, these transfers amounted to nearly 35 billion SHIB tokens that were moved by both whales within the past 24 hours.
It is currently unclear why the Shiba Inu tokens were transferred from a Coinbase wallet to a different wallet address by the two whales. Moreover, the identities of the whales are unknown, and it is unconfirmed whether they are individual investors or entities.
Read article: What’s Hindering Shiba Inu During a ‘Bull Market’?
Throughout this year, whales have been distributing their holdings of Shiba Inu tokens across various wallet addresses after accumulating large amounts in 2021 and 2022. However, it is currently unclear whether these whales have sold off the 35 billion tokens that were transferred recently and potentially made a profit by exiting their positions.
Whales Constant Accumulations
Since Shiba Inu’s inception in August 2020, whales have amassed a substantial number of its tokens. Major cryptocurrency exchanges, including Binance, Crypto.com, and Robinhood, have publicly stated that they hold millions of dollars worth of Shiba Inu tokens in their reserves.
WhaleStats’ latest findings indicate that the top 1000 ETH whales possess approximately $601 million worth of Shiba Inu tokens. Given this information, it is evident that these whales have a considerable influence on the SHIB token, and a potential future sell-off could trigger a price decline.
Source: Whalestats.com
As of now, SHIB is being traded at a price of $0.00001111, showing a 2.68% increase in the last 24 hours. However, SHIB’s current price is down by 87.44% from its all-time high of $0.00008616, which it reached in October 2021.
Related also: Shiba Inu Futures Garners Over 2.4 Trillion Tokens in Open Interest
