A substantial price decrease in Shiba Inu (SHIB) has been observed, correlating with large coin transfers to exchanges from a prominent whale wallet. The price slump underlines the volatility and sensitivity of the cryptocurrency to significant stakeholder activities. Following a recent price surge of over 250%, the meme coin’s value tumbled below the $0.00003 threshold, stirring speculations of impending sell-offs by large-scale holders.
Massive SHIB Transfers Tracked
Cryptocurrency tracking entity Whale Alert observed a colossal transfer of 1 trillion SHIB tokens to Gate.io, an established crypto exchange. This move, by an anonymous entity, significantly influenced SHIB’s market price. Shortly after the transfer, which was reported during the day in Turkey, the coin’s value plunged sharply, registering a low of $0.0000277, although it later saw minor recovery.
Whale’s Transaction History and Market Influence
An examination of the whale’s past transactions unveils a pattern of SHIB accumulation. Throughout January, the whale accumulated 1.44 trillion SHIB in several transactions from Binance and Gate.io, with large amounts noted between January 9 and 18. At the time of these purchases, SHIB was valued above $0.00001. The whale’s holdings were partially liquidated in February, with 500 billion SHIB moved to Gate.io, albeit indirectly. Following this, the whale acquired an additional 300 billion SHIB, maintaining these holdings until the most recent transaction.
Whale activities, pivotal in the SHIB market, are closely watched by investors for cues on potential market movements. The recent large-scale transfer has amplified selling sentiment among SHIB investors.
SHIB is currently experiencing a downturn, trading at $0.00002691, which indicates a significant 7.92% dip within the last day and a 17.12% fall over the past week. Despite the recent drop, the meme coin had a notable rally last month, surging by 192.45% and overshadowing the performance of many competing digital currencies.