Over Trillion SHIB Moved to Coinbase, Here's What's Happening

Data published by @shibaplay_ Twitter user shows that over the past eight hours, around 1.12 trillion Shiba Inu meme coins were sent to two leading crypto exchanges.

1.12 trillion SHIB on the move as price drops to 2022 lows

Two anonymous wallets have transferred 1,060,594,914,048 and 121,823,678,713 SHIB worth $9,693,837 and $1,123,214. The funds were sent to Coinbase and OKEx to be sold.

Whale alert 🚨: 1,060,594,914,048 $SHIB transferred.
check details 👇🏻 https://t.co/XU9T5Kn41y

— ShibaPlay (@shibaplay_) November 14, 2022

As reported by U.Today recently, the second largest meme cryptocurrency Shiba Inu has come close to the lows of 2022, when the price hit $0.00000793 earlier this year.

Over the past week, the SHIB price has dropped by more than 23%. At the moment, the coin is changing hands at $0.000009181. This is 89.44% below the all-time high of 2021, when the coin hit $0.00008845 in late October.

Massive price drops across the cryptocurrency market and movements of coins have been caused recently by the collapse of the FTX crypto trading giant, as its founder Sam Bankman-Fried declared the exchange and its affiliated company Alameda Research's insolvency, submitting the necessary papers to regulators.

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106 billion SHIB added by whales

While bigger whales are dumping their SHIB on the market, others are adding meme coins to their wallets. According to WhaleStats tracker, the largest 100 whales on Ethereum have recently added roughly 106,269,925,611 Shiba Inu worth $1,000,000.