Shiba Inu (SHIB) has experienced a 13.15% price drop in the last 24 hours, coinciding with a massive transfer of 1.24 trillion tokens by a whale to cryptocurrency exchanges.
The crypto market sell-off continues to wreak havoc, with Shiba Inu being the latest victim. The price of SHIB plunged below the crucial $0.00003 level, reaching a low not seen since early March. This dramatic drop coincides with a large whale’s significant movement of Shiba Inu tokens.
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🚨 🚨 1,000,000,000,000 #SHIB (28,814,000 USD) transferred from unknown wallet to #GateIOhttps://t.co/YDmMp9kmrg
— Whale Alert (@whale_alert) March 15, 2024
Whale Transfers Spark Sell-Off Concerns
Whale Alert, a service that tracks cryptocurrency whale movements, identified a substantial transfer of SHIB to crypto exchanges Gate.io and Binance. The unidentified wallet moved a staggering 1 trillion SHIB tokens, valued at approximately $28.84 million, to Gate.io in a single transaction.
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Interestingly, the timing of this transfer aligns perfectly with the sharp decline in SHIB’s price. The asset dropped to a low of $0.00002700 shortly after the 9:00 AM UTC transaction, before partially recovering. However, SHIB has yet to reclaim the $0.00003 territory.
Whale’s Past Activity Raises Questions
On-chain data reveals that the whale acquired these tokens from Binance and Gate.io in January. The wallet received a combined total of over 1.4 trillion SHIB across multiple transactions during that period. Back then, SHIB was struggling to recover above $0.00001.
The whale held onto the tokens until February when it transferred 500 billion SHIB to Gate.io. Shortly after this outflow, the wallet acquired another 300 billion SHIB from the same exchanges. Notably, just before today’s massive 1 trillion SHIB transfer, the wallet moved an additional 241 billion tokens to Binance.
Shiba Inu’s Future Uncertain
With the whale’s wallet now completely depleted of SHIB, investors fear a potential increase in sell-off pressure. Historically, transfers of large amounts of cryptocurrency to exchanges often precede selling activity.
Despite the recent price slump, SHIB still maintains a 127% gain for the month. Additionally, trading volume has seen a surprising uptick of 9% in the last 24 hours, reaching $2.57 billion.
Only time will tell how these whale movements and the broader market trends will impact the future price of Shiba Inu.
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