A huge whale transfer of over 3 trillion Shiba Inu tokens has been seen on the blockchains in the past 24 hours. The transactions totaled 3.2 trillion SHIB, and SHIB watchers want to understand the reasons behind the transfers.
The series of SHIB transfers appear to indicate whales moving around their stash of Shiba Inu, as the sender comes from one wallet. The transfers include deposits to various exchanges, including Coinbase.
There can be various reasons why this particular wallet decided to make these SHIB transactions. These large transfers don’t happen often and could be due to multiple factors. Very likely, this Shiba Inu whale was looking to diversify their holdings into other wallets or liquidate their wallets. Furthermore, the whale could also be redistributing assets for security purposes, or even preparing for a large-scale investment or collaborative funding.
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Shiba Inu is currently trading at $0.000009752 and is up over 7% in the past week. Many market analysts are expecting a surge for the dog-themed cryptocurrency soon, possibly even shedding a zero. Hence, this SHIB wallet transfer could be a further indicator that a shift is coming, and the whale is bullishly prepping for the surge.
Despite the recent market rally, Shiba Inu continues to struggle to delete a zero after its decimal point. SHIB briefly deleted a zero in December but could not sustain its levels. The memecoin quickly gained back its zero in early January 2024. Perhaps this wave of transfers will be followed by more soon, prepping the market for a wide SHIB surge.