A large transaction involving Shiba Inu has caught the attention of the crypto community as an unknown whale shifts a staggering 600 billion SHIB tokens from a popular centralized exchange. This major transaction has raised speculations about the intent and possible impact on the price of the coin even though its value has dropped significantly over the last day.
Against the backdrop of the global crypto market downtrend, some large investors are seizing the opportunity to buy in on their favorite tokens at cheaper rates with hopes of a future price upswing to generate profits. Let us look at this transaction.
600 Billion SHIB Tokens Leave Robinhood Exchange
Whale Alert, a prominent large crypto transaction tracker, spotted the transaction earlier today and reported it on X (formerly Twitter). According to the update, the whale transferred a mouthwatering 600 billion SHIB tokens from the California-based centralized exchange Robinhood to a wallet labeled ‘unknown.’
600,000,000,000 #SHIB (13,713,299 USD) transferred from #Robinhood to unknown wallethttps://t.co/9jSpBh0IQ1
— Whale Alert (@whale_alert) June 10, 2024
The massive transfer which was valued at about $13.7 million was purchased at an average price of $0.000022. A transfer of such volume from an exchange to an external wallet often represents accumulation, signifying confidence in the said token. That said, the Shiba Inu community popularly known as the ‘SHIB Army’ is hopeful for a possible price uptick in response to this significant transaction. Also, Shiba Inu, just like other memecoins, is fueled by hype, so when a notable activity like this takes place, it is likely to affect the value of the asset either way.
Interestingly, this is not the first time this whale has traded Shiba Inu. In a recent update, the whale was observed to have sent 3 trillion tokens to the same Robinhood exchange at the time when the coin was trading around the $0.000025 mark. This could mean that the whale previously sold to cash in on gains and now has entered the market with the 600 billion acquisition.
Another factor that could impact the price of SHIB is its burning mechanism. According to a previous report by Coinfomania, the Shiba Inu burning rate skyrocketed by over 68,000%, destroying over 7 million tokens in 24 hours. This could be a key driving force for a major price action in the future.
Shiba Inu (SHIB) Price Movements
Shiba Inu has joined the global crypto market in a downtrend. A close look at the data provided by CoinMarketCap reveals its price movement over the last 24 hours. According to the update, SHIB is currently changing hands at $0.00002215 which represents a 4.41% drop within the recorded time.
Interestingly, even though the price has experienced a decline, its trading volume over the last day has taken the opposite direction, surging by 21% to rest at $581.3 million. During this time, SHIB has traded between the range of $0.00002213 and $0.00002358 which is still 74.3% below its all-time high of $0.00008616 reached on October 2021.
The post Shiba Inu Whale Accumulates 600 Billion Tokens Amid Price Crash appeared first on Coinfomania.
