A SHIB whale with a wallet named ‘timmie.eth’ unstaked a staggering 572.6 billion Shiba Inu tokens on Monday. The whale unstaked his/her SHIB tokens from ShibaSwap in one single transaction which is worth $5.06 million. A few hours after unstaking the holdings, the whale transferred the entire holdings of 582.73 billion SHIB tokens worth $5.13 million to an unknown wallet, data from Etherscan.io indicated.
The unstaking and transfer of the tokens were initiated in one single robust transaction, respectively. The whale ‘timmie.eth’ now has zero SHIB on ShibaSwap and has moved all his/her holdings to the unknown wallet.
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The identity of the whale and the reason for unstaking and moving it to an unknown wallet remains to be undisclosed. However, the whale has not dumped SHIB but only unstaked it and moved it to a new wallet address.
Despite the transfer, Shiba Inu remains to be the top holding among the ETH whale rich-list. The top 2,000 ETH whales are currently holding around $80.3 million worth of SHIB tokens in their portfolio.
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Whale interest in SHIB has remained steady since mid-2021 despite the price decline and crypto crash this year. Retail investors are also accumulating it at every correction, hoping that it could deliver better returns during the bull run.
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What’s Next For Shiba Inu?
Shiba Inu has a string of releases up its sleeve which includes Shibarium, SHIB: The Metaverse, ShibaNet, and ShibaSwap 2.0.
Shibarium is the most anticipated development as the layer-2 network could make SHIB scale up in price sustainably. However, the release date for the L2 solution remains to be unknown.
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At press time, Shiba Inu was trading at $0.000009215 and is down 0.1% in the 24 hours day trade. The dog-themed token is also down 74.2% from its all-time high of $4,878, which it reached in October 2021.