In a stunning turn of events, on-chain data has exposed a significant surge in Shiba Inu token acquisitions, totaling a staggering $10.2 million within a mere 20-hour window. According to reports, a jaw-dropping 382 billion Shiba Inu tokens were traced to an undisclosed wallet, initiated through two substantial transactions.
The initial transfer witnessed an anonymous figure channeling a whopping 357.97 billion SHIB, valued at a hefty $9.77 million, into the enigmatic wallet. Following closely behind was a more conservative transfer of 24.09 billion SHIB, equivalent to $601,520, purportedly originating from the Bitvavo exchange.
Of notable interest is the potential connection between these transactions and the European crypto platform Bitvavo, as indicated by data from Arkham Intelligence. Speculation looms over whether these undisclosed wallets might be linked to the aforementioned platform.
SHIB price takes dive
The timing of these colossal token movements holds particular significance, unfolding amid a notable 25% decline in Shiba Inu's price since Friday. This plunge has led to a breach of a crucial support level at approximately $0.00003 per token, resulting in a downturn to $0.000024 per SHIB.
Presently, investors and enthusiasts remain on edge, observing keenly to discern whether the dip in SHIB quotes will persist or if it marks a mere correction following the earlier astonishing growth.
This confluence of events ignites curiosity, provoking inquiries into the underlying forces steering Shiba Inu's recent activities. Against the backdrop of a week already punctuated by significant developments within the SHIB ecosystem, this latest disclosure only amplifies intrigue surrounding the trajectory of the meme cryptocurrency.