A significant transfer of 4.4 trillion Shiba Inu tokens by an anonymous wallet creates a new whale, amid anticipation for the Shibarium blockchain launch.
Key Points
- A massive transfer of 4.4 trillion Shiba Inu tokens by an anonymous wallet, reported by Whale Alert, creates a new SHIB whale.
- The transfer is part of a series of large SHIB purchases in preparation for the launch of the Shibarium blockchain.
- The transferred tokens, worth $39.3 million, were sent from and received by unknown wallets not linked to crypto exchanges.
- Despite a weekend price surge of 19%, Shiba Inu’s value plummeted 12.24% due to profit-taking and selling pressure.
A staggering transfer of Shiba Inu meme coins has been detected by popular blockchain tracker Whale Alert. The tracker, known for identifying large crypto transactions, reported that an anonymous wallet transferred close to 4.4 trillion Shiba Inu tokens, creating a new SHIB whale in the market.
But this transfer is just one of many massive Shiba Inu purchases happening in anticipation of the upcoming launch of the Shibarium blockchain. Over the past few days, trillions of SHIB have been moved as the launch date draws near.
🚨 🚨 4,367,252,578,938 #SHIB (39,276,886 USD) transferred from unknown wallet to unknown wallethttps://t.co/Xw9scQi5xg
— Whale Alert (@whale_alert) August 7, 2023
According to Whale Alert, a total of 4,367,252,578,938 Shiba Inu tokens worth $39,276,886 USD were transferred from one anonymous wallet to another. The receiving wallet was completely new and had no previous transactions.
Whale Alert labeled both the sending and receiving wallets as “unknown” since they were not associated with any crypto exchanges. It appears that a new whale entered the market by purchasing almost five trillion Shiba Inu tokens.
This recent transfer isn’t the only large transaction detected by Whale Alert this week. On Sunday and Monday, the tracking service observed transfers of 4,382,252,578,938 SHIB and 4,412,252,578,938 SHIB to new “unknown” wallets as well.
Another data vendor, IntoTheBlock, reported that large SHIB whales acquired approximately 11 trillion Shiba Inu tokens within a span of 48 hours.
SHIB Price Plummets
After experiencing a significant price surge over the weekend, Shiba Inu faced a sharp decline. The cryptocurrency, which had gained over 19% and burned one zero in its price, experienced a drop of 12.24% since then. Currently, it is trading at $0.00000896 on the Binance exchange.
The surge in price was likely a result of the oversold SHIB market, increased trust from large investors, and the anticipation of the upcoming release of the Layer 2 blockchain Shibarium.
However, as many traders sought to secure their profits, the selling pressure caused the price to decrease.
