Last week was rather negative for popular meme cryptocurrency Shiba Inu (SHIB). The price did not experience a significant drawdown, but it did not see any positive developments either. In addition, the SHIB price remains below the key resistance level of $0.0000183 per token.
It seems that there are no buyers for this popular meme cryptocurrency. However, at least one unknown major player in the Shiba Inu token was spotted this week.
As revealed by Arkham data, the address "0x9d9f" withdrew 593.26 million SHIB, equivalent to $10.32 million, from major Japanese exchange Coinone. These were the first and only transactions made by the owner of this address.
Could this wallet be connected to Coinone itself? It is an open question. There is no reliable evidence. In addition, some strange transactions took place on the wallet, such as swaps of meme cryptocurrencies, not SHIB, to Uniswap. Such activity is not typical for hot wallets of crypto exchanges with turnover in the tens of millions of dollars.
Discarding theories that this is an exchange wallet opens up a more interesting field of reasoning.
For example, is the withdrawal a consequence of more than $10 million worth of SHIB purchases by this whale? What are their expectations for the price of the popular meme cryptocurrency, and will this trigger a new wave of Shiba Inu token purchases?
Dan Burgin
U.Today Editorial Team
