Shiba Inu whales have been making significant transfers of their holdings from cryptocurrency exchanges, sparking intrigue and speculation among investors. On June 20, a notable transaction was reported by Whale Alert, involving the movement of 2.55 trillion SHIB tokens, valued at $39.9 million, from the Robinhood wallet to an unidentified recipient.
The sender’s wallet, which holds 96,161 ETH (equivalent to $337,983,386), has been active for at least 748 days. The recipient’s wallet, on the other hand, contains 1.3 million ETH, worth a staggering $4,791,228,783.80, and has been active for 408 days.
But the wave of Shiba Inu withdrawals from exchanges didn’t end there. Lookonchain reported that just 45 minutes before the Robinhood transfer, a whale withdrew 353 billion SHIB tokens, valued at $6.6 million, from Binance. This particular whale currently holds a total of 838.87 billion SHIB tokens, worth $15.5 million, and has made a profit of $6.12 million from SHIB transactions.
These substantial fund movements come at a time when Shiba Inu is displaying signs of a potential price recovery amidst a slight resurgence in the broader cryptocurrency market. On May 10, on-chain analytics resource Arkham Intelligence recorded over 1.3 trillion Shiba Inu tokens being transferred by whale addresses. These transactions involved movements between unknown wallets and exchanges.
The timing of these transactions is particularly noteworthy, as they coincide with a period of heightened market activity and interest in Shiba Inu. The transfer of such large sums from exchanges suggests a strategic realignment by these influential holders.
Currently, the price of Shiba Inu (SHIB) stands at $0.00001797, with a 24-hour trading volume of $274,726,427. This represents a 3.01% decline in price over the past 24 hours and a 16.52% drop over the past week.
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