Shiba Inu Whales Shake Up the Market with Massive Volume of SHIB Withdrawal

In recent reports by Whale Alert, the cryptocurrency market has witnessed significant activity from large investors, known as whales, who have been transferring substantial amounts of Shiba Inu (SHIB) tokens.

Breakdown of the Transaction

Notably, a transaction involving the transfer of 2,200,000,000,000 SHIB ($39,945,400) from the wallet of Robinhood to an unidentified recipient has garnered attention. The sender’s wallet, holding 96,161 ETH ($337,983,386) and active for at least 748 days, made the transfer to a recipient’s wallet containing 1.3 million ETH worth $4,791,228,783.80 and active for 408 days.

Additionally, significant withdrawals from exchanges were reported. A notable whale withdrew 353.83B SHIB ($6.6M) from Binance shortly before the Robinhood transfer and currently holds a total of 838.87B SHIB ($15.5M), having profited $6.12M from SHIB transactions. These large fund movements have occurred alongside signs of a potential price rebound for Shiba Inu amidst a mild resurgence in the broader crypto market.

Read Also: Whale Alert: Ripple Transfers 250M XRP to Unknown Wallet

Arkham Intelligence’s on-chain analytics observed movements of over 1.3 trillion Shiba Inu tokens by whale addresses, including transfers across unknown wallets and into exchanges by May 10. These transactions appear to coincide with increased market activity and interest in Shiba Inu.

Strategic Repositioning

The timing of these transactions is crucial, suggesting potential strategic repositioning by whales during a period of heightened market volatility and increased interest in Shiba Inu. At present, the price of Shiba Inu (SHIB) stands at $0.00001797, with a 24-hour trading volume of $274,726,427. This marks a 3.01% price decline in the last 24 hours and a 16.52% drop over the past week.

Read Also: Shiba Inu Games Announces Partnership with Shiba Inu Ecosystem for Upcoming Mobile Game

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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.