Whale Moves 4.2 Trillion Shiba Inu as Shib Defends $0.00001

As the price of Shiba Inu struggles to defend the $0.00001 mark, on-chain data has spotted the movement of a significant amount of SHIB from a whale address. 

Following a mild retracement of the crypto market in the past 24 hours, the price of SHIB moved to the lower bounds of the $0.00001 range, which the token has defended for over a week. At the same time, on-chain data shows the movement of a sizable amount of SHIB between two addresses.

On December 25, at 12:42 (UTC), a Shiba Inu whale transferred 4.2 trillion SHIB (approximately $45 million) to a newly created address. The move caught the eye as it was one of the largest SHIB transactions in recent times, overtaking a transaction by a new whale and another by Tron founder Justin Sun. 

Notably, the tokens remain in the receiving address at the time of writing, calming any fears that the whale intended to liquidate their position.

Such an outcome would have a negative impact on SHIB’s price. With global trading volume only hovering around $186 million in the past 24 hours, a sale of such a significant sum may have pushed SHIB prices further below. 

Meanwhile, the address that made the transfer appears to be a new kid on the block, having received the large SHIB amount less than 24 hours ago.

The address initially transferred 15 billion SHIB (approximately $150,000) in an apparent test transaction before moving the large amount less than an hour later. 

SHIB Vigorously Defends $0.00001

Whale transactions such as the recent one typically create panic among market participants by raising fears of the unknown. Yet SHIB holders have remained resolute as the cryptocurrency looks to build on a recent impressive performance. 

Barring a slight break below the psychological $0.00001 mark on December 20, SHIB has traded above this range for eight consecutive days. This represents its longest stint above that price level in several weeks, raising hopes of an imminent uptrend for the token.