In the past 24 hours, a single whale has moved more than 4.2 trillion Shiba Inu (SHIB), sparking speculations on the potential reasons.
According to data from Whale Alert, the whale moved exactly 4,262,142,892,684 SHIB worth approximately $43,896,875 at the time. Per the figures shared, the whale moved each SHIB at an average price of $0.00001029.
? ? 4,262,142,892,684 #SHIB (43,896,875 USD) transferred from unknown wallet to unknown wallethttps://t.co/8Dtm2WYTvB
— Whale Alert (@whale_alert) December 17, 2023
In contrast, Shiba Inu is currently priced at $0.000009963, down by 6.88% over the past 24 hoursa. In addition, market capitalization has also slumped by more than 6% to $5,871,966,468. The trading volume has nosedived, dropping by 54% to $369,214,816.
Intriguing Discovery in the SHIB Whale Action
Shiba Inu is not alien to massive whale transfers, though this 4.2 trillion lump sum is one of the biggest it has recorded in recent times. Though the sender and recipient of the SHIB is unknown, data from Etherscan showed that the sender has a total of 4 transactions on record.
This wallet’s first and last “sent” transactions took place 8 minutes apart about 15 hours 30 minutes from the time of writing. This wallet has a $0 token valuation as almost all its holdings were moved out.
The receiving address for the 4.2 trillion SHIB is a virgin wallet with no transactions according to data from Etherscan. Interestingly, the wallet still contains the $42,919,778.93 equivalent of the SHIB it received. The difference emanates from the drop in price since the transfer.
Possible Motive for the Transfer
While predicting the potential motive behind a transfer of this size is difficult, some basic explanation comes to mind. The whale transaction might be a move toward self-custody or even for redistribution to other wallets.
Since the wallets are not immediately linked to an exchange, the chances of liquidation are low, though not completely ruled out.
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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