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5.6 Trillion SHIB Shifted by Whales as Shiba Inu Aims at Year-End Move

Fri, 12/09/2022 - 10:28
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Tomiwabold Olajide
Shiba Inu (SHIB) prepares for year-end move
5.6 Trillion SHIB Shifted by Whales as Shiba Inu Aims at Year-End Move
Cover image via stock.adobe.com

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In two large transactions, 5.6 trillion SHIB, or nearly $52 million worth, has flowed between whales' addresses in the last 24 hours.

According to crypto data tracker WhaleAlert, 2.8 trillion SHIB worth $25,983,999 were moved between unknown wallets in the past eight hours in a single transaction.

In another transaction reported by the crypto data tracker nearly 16 hours ago, 2,871,107,065,473 SHIB worth $26,356,762 were seen being transferred between unknown wallets.

While whales' accumulation cannot be ruled out, the recent large move might correspond to internal wallet reshuffling by crypto exchanges. In simple terms, an exchange might involve shifting funds to alternate exchange wallets or moving assets to another exchange.

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SHIB Large Transactions up Whopping 479%, What's Happening?

On the other hand, the trend of whales' accumulation is seen as the top 100 Shiba Inu holders, who own billions of tokens, have increased their holdings in the last 24 hours.

According to WhaleStats data, the average SHIB balance of the top 100 SHIB holders has increased by 1.43% in the last 24 hours. Considering the amount held by this category of addresses, this might imply an addition of millions of SHIB.

Likewise, the average SHIB value of their holdings is up 3.86%.

SHIB prepares for year-end move

The year 2022 was a difficult one across the board, marked by industry failures and falling prices brought on by the Fed's aggressive monetary tightening policies. A vast majority of crypto assets have underperformed so far in the year, and SHIB is in no way excluded.

According to CoinGecko data, SHIB is down 74.8% so far in 2022 compared to the previous year, when SHIB finished strongly with thousands of percent in gains.

The bulls may look to salvage the situation with a last-minute end-of-the-year run, but SHIB must put in a nearly 80% rise within the next 19 days. At the time of publication, SHIB was up 1.5% at $0.00000932. Also, SHIB remains 66% correlated with Bitcoin; thus, keeping an eye on the general market trend might help predict SHIB's next moves.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

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