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Over 2 Trillion SHIB Wired as Altcoin Hype Reaches Its Peak

Tue, 11/29/2022 - 10:33
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Yuri Molchan
Staggering amount of Shiba Inu meme coins has been wired, while hype around altcoins and meme coins is increasing to new high
Over 2 Trillion SHIB Wired as Altcoin Hype Reaches Its Peak
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Over the past 16 hours, a whopping two trillion of SHIB exchanged hands among anonymous wallets, and half of this amount was sold on a major U.S. exchange.

On Nov. 28, the price of Shiba Inu suddenly dropped by slightly over 6%. However, by now, the meme coin has almost completely regained this loss.

2 trillion+ SHIB on move

Twitter user @shibaplay_, who follows major transfers of SHIB on Etherscan and shares them with his followers, has spread the word about the equivalent of nearly $20 million in Shiba Inu transferred 16 hours ago. That was two chunks of the second largest meme token, carrying 1,060,594,914,048 SHIB each.

One of these lumps was sent to the U.S. public trading crypto exchange Coinbase, most likely to be sold. The other lump was moved from one anonymous token to another. The receiving address now contains 18,113,302,000,496 Shiba Inu worth $167,366,910.

Another lump of this meme coin, much smaller, was also transferred between two anonymous whales, in the amount of 101,686,305,164 SHIB.

Related
Dogecoin (DOGE) Price Suddenly Spikes 10% in Hours

Altcoin hype peaks, Santiment says

According to a recent tweet by popular data aggregator Santiment, at the moment, the hype around various altcoins, including those based on dog memes, has reached a peak. This is manifest in the sudden recent surge in the price of Dogecoin.

As covered by U.Today, the original meme token soared by roughly 15% over the weekend as Elon Musk promised that, should popular online stores for iOS and Android apps start pushing the Twitter app out of their assortment, he would launch an alternative "Tesla Phone" with a new OS.

On Monday, this standoff between Elon Musk and Apple continued, as Musk tweeted that Apple's App Store has threatened to withhold Twitter without providing any reason for it.

This pushed Dogecoin's price up 10% with hours. Shiba Inu has risen a little over 4% following DOGE.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.