The last time this wallet offloaded Shiba Inu tokens to Cryptocom, the asset plummeted by 7% five hours later.
A Smart Money wallet recently transferred 182 billion Shiba Inu (SHIB) tokens worth $2.3 million to Crypto.com and Gemini in two separate transactions today. These marked the first SHIB transfers from this address throughout this year.
Blockchain surveillance resource Lookonchain first called attention to the development through its official Twitter handle today. Lookonchain has had this Smart Money wallet under watch since its last Shiba Inu outflow in December.
A SmartMoney we shared before transferred 182B $SHIB ($2.3M) to #Cryptocom and #Gemini just now.
The last time he transferred $SHIB to #Cryptocom dropped the price of $SHIB by 7%.
Join our telegram group to received alerts.https://t.co/BslhSwNjdNhttps://t.co/V07ik5oRJB https://t.co/oIkhSb5Qlo pic.twitter.com/GFhRQQO6YI
— Lookonchain (@lookonchain) February 27, 2023
Per data from Etherscan, the latest SHIB movements saw the transfer of 100 billion Shiba Inu tokens worth $1.27 million to a Crypto.com address today at 04:09 (UTC). Five minutes later, the Smart Money wallet sent 82.2 billion SHIB valued at $1.045 million to a Gemini wallet.
Following the transfers, the wallet still holds 3.1 trillion SHIB. At a worth of $40 million, its Shiba Inu holding accounts for 96% of its total balance. The reason behind the fund movements remains unknown as of press time, but Lookonchain noted that its previous batch of SHIB transfers coincided with a massive impact on the asset’s price.
On December 20, 2022, Lookonchain highlighted the transfer of 200 billion SHIB to Crypto.com from this Smart Money wallet. Notably, five hours after the transaction, the value of Shiba Inu plummeted by 7%.
According to Lookonchain, an analytical overview of its trade pattern shows that it mostly buys SHIB when the price is low and sells at a higher price. A profit of $7 million was raked in due to this trading behavior last August.
Smart money wallets are often closely watched by other investors and traders because they can provide clues about market trends and direction. The term is colloquially used in crypto to refer to accounts known for making profitable trades.
Meanwhile, Shiba Inu has retained a 2.29% appreciation in the past 24 hours, leveraging the latest modest market-wide recovery. The asset is trading for $0.00001271, down 5.66% in the past week.