Shiba Inu’s ecosystem hasn’t been spared from the crypto market volatility in recent weeks, as the price has been caught in a whirlwind of uncertainty in recent times. While investors are still wondering about the short-term outlook of the crypto, a Shiba Inu whale has gone ahead to move $32.4 million in SHIB tokens into an unknown wallet.
Whale Moves $32.4 Million Shiba Inu
This whale transfer appears to have generated interest from SHIB investors, considering the relatively quiet environment within the Shiba Inu ecosystem. The sheer size of this transaction is notable and worth monitoring, as a selloff could introduce selling pressure and negatively impact SHIB’s price, even if temporary.
However, sometimes whales will move their funds around between wallets for various reasons other than buying and selling. It would seem like this is the case, as an in-depth look into the transactions shows the transfer could’ve been between wallets controlled by the same entity.
— Whale Alert (@whale_alert) October 16, 2023
According to on-chain data, the transaction was made from the address “0xe9bb” into a new private address “0x44a8”. The recipient wallet “0x44a8” now holds a total of over 4.58 trillion SHIB, worth more than $33 million at the time of writing. Address “0xe9bb” had initially received the tokens from “0xA863” before transferring it out to “0x44a8” in less than 10 minutes.
Large Sell Incoming?
This whale transfer is one of the largest SHIB transactions this month. But while whale movements tend to reveal the current market sentiment, a single transfer cannot necessarily move the entire market, even if there’s a selloff.
As a result, Shiba Inu’s price hasn’t reacted much to the transfer but has lost 0.29% of its market cap in the past 24 hours. Although there’s always a possibility of the whale dumping their entire bag, this trading behavior suggests they intend to keep holding the tokens.
SHIB is currently the second-largest meme cryptocurrency, although the majority of investors are losing money at this point. As reported from data provided by IntoTheBlock, only 9% of holders are making money at the current price.
Nevertheless, the SHIB burn rate saw a spike of 233% since the beginning of the new week as community members remain committed to reducing its available supply.
At the time of writing, Shiba Inu is trading at $0.000007059. Yesterday, the value of the cryptocurrency skyrocketed to 0.000072 as a direct reaction to Bitcoin crossing the $29,000 threshold. However, the meme coin has retraced most of its gains from Monday. It is down 0.61% in the last 24 hours, but seeing 1.97% gains on the weekly chart.
