Cover image via U.Today
Shiba Inu has seen a huge amount of action in the past day. A massive two trillion SHIB tokens have been shuffled between numerous entities, including whales, exchange and trading desks. Could it be a signal for SHIB?
So, who's moving all this SHIB? Whales and a few crypto exchanges are making the moves. For example, one transaction had a massive 77.453 billion SHIB moving to a Coinbase hot wallet, and another 412.7128 billion SHIB were sent to Coinone's hot wallet.
SHIB/USDT Chart by TradingView
But that's not all – there was a huge transaction of 500 billion SHIB sent to a Crypto.com hot wallet. Another big chunk of 431.1738 billion SHIB landed in yet another anonymous wallet, most likely owned by a whale or a trading desk. These are just a few of the gigantic transactions that occurred.
Why all the movement now? It is likely because the whole market is picking up speed, getting back on its feet after a tough time. And it is not just SHIB; other meme coins are bouncing back too.
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These massive moves might be exchanges shuffling funds around for better security or to manage their wallets more efficiently, in order to stay liquid. Whales might also be ones getting ready for something big or taking advantage of the market's recovery to make some Shiba Inu trades.
Whatever the reason, it is clear that activity on the SHIB network is on the rise right now, and these massive transfers are a sign that something is cooking. With the market getting back in shape, it seems like SHIB and other meme coins are coming back.
