SHIB Price Falls 16.55% with 4.2T SHIB Transferred

SHIB Price Falls 16.55% with 4.2T SHIB Transferred

In a recent post on Twitter and other social media platforms, Whale Alert, a well-known investigator in the blockchain space, reported a significant transfer of Shiba Inu meme coins from an unidentified wallet around 16 hours ago. This transaction, involving trillions of Shiba Inu tokens, caught the attention of the Shiba Inu community. It is noteworthy that this transfer coincided with a 16% decrease in the price of SHIB, following a remarkable 22.21% surge on the previous Sunday.

The cryptocurrency tracker identified an anonymous wallet sending 4,262,142,892,684 SHIB to another unknown wallet, valuing the transaction at $43,896,875. Interestingly, the recipient wallet is currently inaccessible for further analysis on the Etherscan blockchain tracker. Throughout the fall, similar substantial SHIB transactions occurred almost weekly, with large amounts often moving between anonymous wallets or involving internal transfers by exchanges like Bitvavo.

Notably, this marks the third occurrence in the past week where 4.2 trillion Shiba Inu tokens were transferred, all between anonymous wallets, as reported by Whale Alert. The Shiba Inu community responded humorously to this transfer, engaging in discussions about its magnitude and speculating on who might be behind it. Some even referenced the recent Ledger wallet hack in their comments.

Despite a surge of over 22% on Sunday, bringing SHIB to the $0.00001172 level after a previous zero was burned, the price experienced a significant 16.55% drop, reaching $0.00000999. Over the weekend, Shytoshi Kusama, a prominent figure in the Shiba Inu community, made optimistic statements about burning 25 billion SHIB soon and outlined a tentative plan for global SHIB adoption, emphasising impactful burns.

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Robin Villiers is a finance analyst since 2014 in Forex with over 9+ years of experience. He is a finance graduate from University of London, UK. He is a true writing freak and is well versed in analysing trading strategies & indicators and tested 70+ brokers to provide access to important information to traders. Villiers is able to boil down the given projects into logical information necessary to make the right decision. He always carries a professional outlook and gives knowledge driven inputs in every area of finance.
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