Shiba Inu News: Revolut has made waves in the crypto market by offloading a massive 63 billion SHIB tokens, according to Arkham Intelligence. This move comes alongside other significant crypto transactions and has sparked speculation about Shiba Inu’s future performance. Amid the recent offloading, it has also accumulated other tokens, potentially hinting at a shifting focus of the fintech leader.

Shiba Inu News: Revolut Offloads 63B SHIB

Revolut, the fintech giant, has recently conducted substantial crypto transactions. The firm sold off 63 billion SHIB tokens, valued at approximately $958.86K. This significant offload also included around 236 Ethereum, worth $735K, and 200,000 Uniswap (UNI) tokens, worth $1.36 million. These sales indicate a strategic shift in Revolut’s crypto holdings.

However, in a surprising twist, Revolut has also been accumulating various other cryptocurrencies. The company added 6.76 million GALA tokens, worth $137.15K, 992.42 million FLOKI tokens, and a staggering 61.38 billion PEPE tokens. This diversification suggests that Revolut is exploring new opportunities within the cryptocurrency market.

Meanwhile, the sale of Shiba Inu tokens has caught the attention of investors and analysts alike. The crypto community is now keenly watching for any potential impact on the meme coin’s market performance. While the immediate effects are uncertain, this significant offload could influence investor sentiment and trading patterns.

In addition, the move by Revolut raises questions about the company’s strategy and its view of the current crypto landscape. By offloading large quantities of established tokens like SHIB and ETH, while accumulating other meme coins and digital assets, Revolut appears to be repositioning itself for future market trends.

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Market Impact Amid Soaring Speculations

The offloading of SHIB by Revolut has fueled speculations about the potential impact on the token’s price and market stability. With 63 billion SHIB tokens suddenly sold, the market could experience increased volatility. Investors are concerned that such a large transaction might lead to a short-term dip in Shiba Inu’s value.

However, Revolut’s accumulation of tokens like PEPE and FLOKI suggests a shift towards assets with perceived growth potential. This strategy indicates confidence in these newer tokens and a possible anticipation of their rising popularity.

During writing, SHIB price was down over 1% in the last 24 hours and exchanged hands at $0.00001504, with its trading volume soaring 17% to $281.11 million. On the other hand, the Pepe Coin price was down nearly 2%, despite the accumulation, and traded at $0.00000984.

However, the SHIB burn rate has witnessed a notable surge recently, which appears to have lifted the market sentiment. Despite that, the token’s open interest was down around 7%, indicating a bearish sentiment noted in the broader market.

Also Read: Genesis Moves $1.5 Bln In BTC and ETH For Creditor Repayment

The post Shiba Inu News: Revolut Offloads 63B SHIB & Other Crypto, What’s Next? appeared first on CoinGape.

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Filed under: News - @ August 2, 2024 5:09 pm