In what could end up being a massive development for the meme coin, Shiba Inu has seen 800 billion SHIB moved from different wallets. Indeed, the asset transfer could be done for a multitude of reasons. However, what could it mean for the token’s overall price?
Currently, Shiba Inu is trading at $0.00000919, and up more than 1% over the last 24 hours, according to CoinMarketCap. The asset has tried desperately to break through to the $0.00001 level since the turn of the new year. Subsequently, these whale movements could have important ramifications on that effort.
Shiba Inu Sees Billions On the Move as Fight to Eliminate a Zero Continues
Since the start of 2024, the digital asset market has not lived up to its massive expectations. Despite landmark regulatory shifts through the approval of Spot Bitcoin ETFs in the United States, a host of tokens have failed to gain any significant momentum. Among those is one of the most prominent meme coins on the market, SHIB.
However, that could be changing, especially amid the uptick in whale activity. Specifically, Shiba Inu has observed more than 800 billion SHIB tokens on the move, which could have implications on the price, despite the vast array of reasons why these tokens may be transferred.
The movement was reported as having been rooted in transferring from different wallets, and to exchanges like Coinbase. These kinds of transfers are often rooted in liquidity action, consolidation, or sale preparation.
Altogether, Etherscan reports the two largest SHIB transactions included 221 billion SHIB and 204 billion SHIB respectively. These transferences took place from one wallet to another, with it likely being between the same individual.
Alternatively, an inflow of 307 billion SHIB to a Coinbase wallet was also significant. Indeed, the figure added to the overall Shiba Inu tokens being moved but also is likely to signify growing selling pressure at some point soon.