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Shiba Inu Alert: Whale Makes Massive $31.6M Transfer

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Tue, 17/10/2023 - 18:18
Shiba Inu Alert: Whale Makes Massive $31.6M Transfer
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A significant transfer of 4.5 trillion Shiba Inu tokens, equivalent to $31.6 million, was recently spotted by Whale Alert as it moved between unknown wallets.

The price of the SHIB token is down 2.3% over the past 24 hours, according to CoinGecko data. 

A peek into Shiba Inu's whale dynamics

According to data from IntoTheBlock, SHIB's large holders continue to dominate a significant portion of the token's circulating supply. 

There are currently 12 whale addresses, each holding more than 1% of the circulating supply, combining to a staggering 63.48% or 623.48 trillion SHIB. 

In contrast, there are 47 "investor" addresses, each holding between 0.1% and 1.0% of the supply, accounting for 14.22% or 139.68 trillion SHIB

Such concentrated ownership often means that large transactions, like the one observed, can have ripple effects across the market. 

Related
Shiba Inu (SHIB) up 400% in Large Transactions: Whales Woke Up?

The recent inflow and outflow activity among large holders indicate a significant spike in interest, with inflows increasing by 1201.01% in the past seven days alone. Conversely, outflows saw a decrease of 28.61% during the same period.

Shiba Inu's price performance  

When it comes to Shiba Inu's recent price performance, SHIB is currently trading at $0.00000692 after experiencing a 2.4% drop. 

Despite its modest market rank at #19, its market cap stands robust at over $4 billion, with a 24-hour trading volume nearing $93 million. 

However, as always with the cryptocurrency market, volatility is a constant companion. The recent whale activity shows that retail investors and traders should exercise caution. 

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