In a major development in the meme coin space, Shiba Inu whales are on the move, transferring a significant amount of their SHIB holdings in the past few days. The news has caused mayhem in the crypto community, leaving many pondering about the ramifications of huge transfers of SHIB tokens on the market.

On Tuesday, an unidentified whale shifted more than 4.2 trillion SHIB tokens from an unknown wallet—worth nearly $44.45 million at current market prices—to an undisclosed wallet, according to blockchain tracker Whale Alert. At the time of writing, it was unclear whether the whale in question was an individual or a company.

Whale Transfers $44.5 Million Worth of SHIB Coins

Shiba Inu whale is a term used to describe owners of massive amounts of SHIB tokens. The enormous transaction, involving roughly 4.2 trillion SHIB tokens, is not just a testament to the rapidly surging interest in Shiba Inu, but it also highlights that the crypto market is highly unpredictable.

This is not the first time whales have made such a gigantic transfer of the Ethereum-based altcoin. Several high-net-worth investors holding millions of dollars in SHIB moved their holdings last year. For instance,  an anonymous whale transferred roughly 12.06 billion of their SHIB holdings to prominent crypto exchange Binance last December. At the time, the value of the transaction was roughly $116,077.

And SHIB whales seem to have made a fortune, too. Even as the asset remains highly volatile in the short term, it has zoomed more than 816274% since its inception.

SHIB Price Up Over 5%, What’s Next?

The recent whale transfer of SHIB tokens to an unknown address comes at a time when the token is trading 5% higher than the previous day’s close. At press time, the SHIB price stood at $0.0000109, with the token having shot up nearly 30% in the last 30 days. This indicates the whale could have made the transfer to book profits from the recent price surge.

Moreover, SHIB was sitting at a market capitalization of nearly $6.4 billion, up 5% in the last 24 hours. It remains to be seen where is SHIB headed next, considering large-scale unstaking or staking by big investors often leads to price fluctuations.

The post Shiba Inu Whale Moves Over 4.2 Tln SHIB Amid Remarkable Price Surge appeared first on CoinGape.

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Filed under: News - @ January 2, 2024 10:18 am