In a stunning turn of events, on-chain data revealed a significant increase in Shiba Inu token acquisitions, totaling a staggering $10.2 million in just 20 hours. Reportedly, 382 billion Shiba Inu tokens have been allocated to an undisclosed wallet, initiated through two large transactions.
During the initial transfer, an anonymous figure funneled a whopping sum of 357.97 billion SHIB, valued at $9.77 million, into the enigmatic wallet. Closely followed by a more conservative transfer of 24.09 billion SHIB, equivalent to $601,520, purportedly from the Bitvavo exchange.
Of particular interest is the potential link between these transactions and European crypto platform Bitvavo, as indicated by Arkham Intelligence data. There is speculation as to whether these undisclosed wallets could be linked to the aforementioned platform.
SHIB price plunges
The timing of these colossal symbolic movements is of particular importance, taking place against a backdrop of a notable 25% drop in the price of the Shiba Inu since Friday. This drop led to a breakdown of a crucial support level at around $0.00003 per token, resulting in a decline to $0.000024 per SHIB.
Currently, investors and enthusiasts remain on guard, watching closely to determine whether the drop in SHIB quotes will persist or if it marks a simple correction after the previous astonishing growth.
This confluence of events fuels curiosity, provoking investigations into the underlying forces driving Shiba Inu's recent activities. In the context of a week already punctuated by significant developments in the SHIB ecosystem, this latest disclosure only amplifies the intrigue around the trajectory of the meme cryptocurrency.
