100 billion SHIB tokens, valued at $2.24 million, have been transferred from wallet 0x462 to Coinbase, catching the attention of analysts.
A significant player in the SHIB market, known as the 0x462 whale, has recently engaged in substantial trading activity involving SHIB. According to The Data Nerd, an analyst specializing in on-chain data, the whale has deposited 100 billion SHIB tokens, which are currently valued at approximately $2.24 million, into a Coinbase account.
This transaction is part of a larger trend of large-scale trades that have taken place within the past week. The Data Nerd’s analysis reveals that the whale acquired SHIB at an average price of $0.00002408 per token, potentially resulting in a loss of around $178,000 if the tokens are sold at the current price of $0.00002324.
The movement of 100 billion SHIB tokens to Coinbase is just one aspect of a broader story concerning SHIB’s liquidity and price stability. Over the past seven days, SHIB has experienced a 6.19% decline in value, underperforming in comparison to the broader cryptocurrency market’s 2.60% decline. Additionally, SHIB has not fared well compared to other cryptocurrencies within the Ethereum ecosystem, which have seen an average increase of 12.70%.
Furthermore, significant inflows and outflows of SHIB have been observed across various exchanges. Arkham Intelligence, a data provider, has reported substantial inflows into the hot wallets of exchanges such as Binance and Upbit, with values exceeding hundreds of billions of SHIB.
The transfer of 100 billion SHIB tokens to Coinbase has been recognized as the seventh largest SHIB inflow in the past 24 hours. The on-chain exchange flow graph for SHIB displays a varied pattern throughout the day, with noticeable spikes in inflows and prolonged periods of outflows.
The activities of SHIB whales extend beyond the 0x462 wallet address. On May 10, other whale addresses moved 705.9 billion SHIB tokens, worth over $16.5 million, away from cryptocurrency exchanges, indicating a strategic shift in holdings. Additionally, on May 2, an anonymous wallet withdrew 1.75 trillion SHIB tokens from the Robinhood exchange, demonstrating a continued accumulation trend amidst fluctuating prices.
These numerous transactions and the resulting market movements underscore the influence of whale activities on the liquidity and price stability of SHIB. It is worth noting that SHIB currently has a market cap of approximately $13.7 billion and a daily trading volume approaching $400 million.
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