Altcoin whales have moved over $40 million in Shiba Inu (SHIB) this week. Blockchain analytics platform IntoTheBlock illuminates the causes of mysterious transactions.
Whales transferred trillions of SHIB this week
According to data from IntoTheBlock, there was an unprecedented increase in the number of SHIBs flowing to Shiba Inu whale addresses on May 17. The total logged inflows amounted to a staggering 20.1 trillion SHIB. To put this into perspective, this level of activity has not been observed since March 23 and January of this year. This suggests that something important may be unfolding in the Shiba Inu ecosystem.
Interestingly, previous examples of such large entries were accompanied by similarly large exits. The exact reason behind these anomalous activities remains unclear. However, reports suggest that transactions may result from redistribution between exchange wallets.
Meanwhile, Whale Alert reported sequential transactions containing 5 trillion SHIBs, each totaling $43.6 million. As Kriptokoin.com, we have included the details in this article.
The scale of these transfers points to internal transactions within a major crypto exchange. Still, it should be noted that similar large SHIB transactions have been confirmed among Binance’s crypto wallets.
Shiba Inu price continues slide amid whale trading
Despite the notable SHIB transfers of large Shiba Inu whales, its price has been on a steady downtrend for weeks. This move raises questions about the impact of whale movements on overall market dynamics and investor sentiment towards the Shiba Inu.
Over the past 7 days, SHIB has continued to move downwards, especially in the meme coin market. The token has lost about 6% compared to last week. It fell from $0.00000911 last week Wednesday to $0.00…08755.
As a result, SHIB has been losing blood since last month. Its market value fell 23% during this period. It is currently positioned at $5.1 billion from its peak of over $6 billion. This drop in market value was linked to Pepe Coin.
How did Pepe stop the meme coin giants?
Recently, discussions have started that will remove Shiba Inu and Dogecoin from the rankings of meme leaders. However, Santiment’s analyzes of three breast ecosystems reveal that this is extremely difficult.
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