On Friday there was an unusual transfer of $31.7M worth of SHIB to Binance.

SHIB price has suffered in recent weeks amid a massive sell-off by whales.

The Shiba Inu (SHIB) market has been very active over the last 48 hours, with trillions of SHIB tokens moved by whales, the biggest investors. These key players have sold off a whopping 3 trillion Shiba Inu tokens since last Friday.

The SHIB whales started this era with a total of 661.44 trillion tokens. However, their holdings have diminished to 658.48 trillion SHIB as of the most recent figures. Among them, a significant chunk (410.36 trillion) has been burnt, making it unavailable.

Biggest Non-exchange SHIB Holder

Within the last few hours, the largest holder of $SHIB has purchased 1.5T $SHIB ($10M) from Binance and Coinbase. On May 16, the address “0x73AF” received 20T $SHIB ($134.4M) from the address “0x40B3,” which now has 5.3T $SHIB ($35.5M). This whale represents the biggest non-exchange holder of $SHIB.

It’s important to note that most of these powerful SHIB holders are really wallet addresses for cryptocurrency exchanges, with Binance being the biggest of them.

In addition to the enormous sell-off by whales, on Friday there was an unusual transfer of $31.7 million worth of SHIB from Shiba Staking to Binance, as reported by Whale Alert, a website tracking major crypto transactions. Large-scale reorganizations are often accompanied by sales and are seen as negative indicators.

Given that the price of Shiba Inu tokens dropped by over 30% over this time period, it is not unexpected that the total value of big SHIB wallets also dropped by a large amount. However, an interesting pattern emerges from the data.

The remaining shortfall that the whales incurred seems to have been covered by the other two types of investors. During this time period, there was a growth of 1.96 trillion SHIB in investor wallets, which are defined as those owning between 0.1% and 1% of the token supply.

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Filed under: Bitcoin - @ June 13, 2023 8:08 am