A series of massive Shiba Inu transfers between anonymous cryptocurrency wallets has sparked intrigue in the crypto community.
According to blockchain tracking service Whale Alert, over 3.5 trillion SHIB tokens changed hands in a single transaction on October 21st. At current market prices, the stash is worth approximately $32 million.
It was the fifth such large transfer this week alone. Several chunks of 3.5 trillion SHIB were shuffled between unknown wallets on October 16th, 17th, and 20th as well.
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While the parties involved are a mystery, the transactions coincided with a 3.89% bump in the Shiba Inu token price on Friday. SHIB is trading at 0.000006996 at press time, with a 1% drop in the last 24 hours.
Shiba Inu has become an immensely popular “meme coin” and currently ranks as the 19th largest cryptocurrency by market capitalization. Its price surged massively in early 2021 amid grassroots hype in online communities.
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However, like most cryptocurrencies, SHIB has fallen sharply from its all-time high. It is down 92% from its peak. But it still commands a market cap of nearly $4.1 billion.