Altcoin
Shiba Inu Whale Moves 3T SHIB Sparking Speculations, What’s Happening?
A Shiba Inu whale echoed a market frenzy on Friday by moving a staggering 3 trillion tokens amid a broader sector dip. Recent whale data indicated that the transfer was made between two unknown wallets, igniting a tidal wave of speculations among traders and investors globally. Meanwhile, SHIB price traded at the $0.000015 level, down nearly 2% from yesterday.
Shiba Inu Whale Moves 3T Tokens Sparking Discussions
According to recent data by Whale Alert on X, a Shiba Inu whale moved a staggering 3.36 trillion tokens, worth $51.15 million, to another unknown wallet. This move has sparked speculations as the potential reason behind the trade maneuver remains unknown. As per the data, the wallet address 0x305 was recorded to have made the transfer to another address, 0x4bd.
Although the transfer could be due to a number of reasons, it’s worth mentioning that large-scale investors, aka crypto whales, hold notable influence over the market.
61% Of Supply In SHIB Whales Control
Simultaneously, recent data by Santiment showed another vital dynamic that underscored whales’ impact on the top meme coin’s value ahead. The top 10 largest wallets in the SHIB ecosystem hold nearly 61.3% of the meme coin’s supply, an alarming concern for medium or small-scale investors.
As a small number of holders have substantial control over the market, a selloff sentiment amongst them could deal a severe hit to price. Moreover, this stat overshadows other tokens such as Ethereum, Chainlink, and Toncoin in terms of large holders’ control over the market. In light of this data, the Shiba Inu whale transaction mentioned above gained significant traction.
What’s Next For SHIB Price?
At the time of reporting, SHIB price witnessed a 2% decline and exchanged hands at $0.00001543. The meme coin’s 24-hour low and high were $0.00001478 and $0.00001575, respectively. Notably, the waning action falls in line with the broader crypto market trend.
Also, despite a nearly 500% surge in the SHIB burn rate today, per Shibburn on X, the price faces heat. The Shiba Inu whale’s transfer amid this dip raises eyebrows across the global crypto
space.
A SHIB price analysis by CoinGape reported that millions of coins were burned recently, dealing a massive blow to the supply. This has aided the token in sustaining a break above $0.000015, a vital level to witness further gains.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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