New Wallet Accumulates 4.5 Trillion Shiba Inu at $0.000007227 Per Token

A new whale has accumulated over 4.5 trillion Shiba Inu tokens in a single massive transaction at $0.000007227 per SHIB, according to whale-tracking resource Whale Alert.

While these whale transactions or transfers are not uncommon in the Shiba Inu ecosystem, the timing of this particular funds movement has fueled new speculations about the likely purpose of such a move.

According to the data insights from Whale Alert, a massive chunk of SHIB tokens moved from the Bitvavo Exchange to an unidentified wallet. 

? ? 4,584,530,677,374 #SHIB (33,132,403 USD) transferred from #Bitvavo to unknown wallethttps://t.co/HrCbR3oavs

— Whale Alert (@whale_alert) October 5, 2023

As highlighted, the SHIB tokens are worth as much as $33,132,403 based on the spot price of SHIB at the moment. This figure suggests that the assets moved at a cost of $0.000007227 per token.

Since this current transfer was not explicitly sent to another trading platform, it might be going for safekeeping in a cold wallet. However, this remains speculative at the reporting time without any substantial corroborating evidence.

No Unusual Transfer

While this is one unique explanation for the transfer, it is worth noting that the recent Shiba Inu movement on-chain is not a rare experience, with each action backed by several potential reasons. 

As reported earlier, the accompanying sentiment over the launch of the Shibarium protocol in August fueled massive whale transfers.

Similarly, we have seen dormant whales waking up to move large amounts of SHIB tokens. These rare whale transfers are becoming more prevalent in the Shiba Inu ecosystem, as the protocol now has a more relatable smart contract hub with usable applications.

The fear of selloffs is currently being allayed as the SHIB movement is notably showing off a pattern that has proven not to be so detrimental to the token’s price in the long run.

Shiba Inu Price Reaction

With the valuation of the transferred funds lower than the $4.225 billion SHIB boasts as its market capitalization, the token has not reacted negatively or positively to the movement.

Though SHIB has lost 0.54% of its price to trade at $0.000007221, the marginal loss is best described as a function of the general bearish market momentum. A bottom has been predicted for SHIB’s price by one of the top market analysts around. Overall, we can expect better resilience in the near term.