As Shiba Inu (SHIB) starts to witness a mild bullish recovery, more than 4.5 trillion tokens have shifted from one unknown wallet to another.
Crypto tracking service provider Whale Alert pegs the exact transferred tokens at 4,587,030,677,374 SHIB. This massive transaction was recorded 2 hours ago with a value of $32,409,665, implying that the whale moved each token at an average price of $0.000007065.
? ? 4,587,030,677,374 #SHIB (32,409,665 USD) transferred from unknown wallet to unknown wallethttps://t.co/Mbf5ejiaYb
— Whale Alert (@whale_alert) October 16, 2023
A Trend of Shiba Inu Transfers
This massive on-chain movement is widespread with Shiba Inu. At least two whale transactions have been recorded on-chain this month. The first transaction came on Oct. 6 when a new whale acquired 4.5 trillion SHIB tokens for $0.000007227 Per token. The acquisition proved that the whale leveraged the discounted prices at the time.
The second whale transaction this month came on Oct. 12, with the acquisition also following a period of price decline. This unidentified whale bought a total of 4,607,030,677,374 SHIB worth $31,387,700 at an average price of $0.000006813.
The recent 4.5 trillion movement is the latest transaction spotlighted by The Crypto Basic. The exact motivation behind this transfer remains unknown despite being one of the biggest in monetary value recorded this month.
Potential Profit Taking?
Shiba Inu is recording a mild uptrend as the broader market recovers. SHIB is trading at $0.000007097, up 1.50%. Amid this uptick, SHIB’s trading volume is up by more than 29% to $102,656,458. With the current growth metrics, SHIB’s market capitalization is now pegged at $4.18 billion.
One potential thesis is that today’s unknown SHIB transfer is the whale taking profit on earlier positions, possibly on OTC platforms. However, this remains speculative, and the transfer could merely involve an in-house movement by an exchange or a move by a whale to self-custody.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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