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Shiba Inu (SHIB) Saw Mindblowing 5.2 Trillion Series of Transacions

Mon, 07/17/2023 - 10:54
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Arman Shirinyan
Enormous Shiba Inu transfer spotted, while token moves without any anomalies
Shiba Inu (SHIB) Saw Mindblowing 5.2 Trillion Series of Transacions
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A recent transfer of a staggering 5.2 trillion Shiba Inu (SHIB) was spotted on blockchain intellegence platform Arkham. The funds, worth approximately $3 million per transaction, were moved from a whale address to various anonymous wallets, with some of them receiving SHIB for the first time. This enormous movement of SHIB tokens, happening amid a period of relatively low volatility for the meme token, has raised eyebrows and piqued interest across the industry.

The whale responsible for these transfers does not appear to be an exchange address. Prior transactions reveal that this particular wallet received funds from various sources, including bulk sender services, Coinbase wallets and even from popular NFT marketplace OpenSea. The transfer of such massive amounts of SHIB to different addresses suggests a potential strategic move.

SHIB transfer
Source: Arkham

What could be the reason for this massive transfer? Given the market conditions and the source of these funds, several scenarios come to mind.

One possibility is that the whale is spreading their holdings to diversify risk. By splitting their SHIB holdings across multiple wallets, they can protect against potential threats, such as hacks or thefts.

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Another hypothesis might be related to liquidity provision. The whale could be preparing to provide liquidity to various decentralized exchanges or DeFi protocols, which often reward liquidity providers with attractive yields.

A more speculative theory could point toward market manipulation attempts. By moving such vast sums, the whale could be trying to influence the SHIB price, creating buying pressure or spreading FOMO (Fear Of Missing Out) among retail investors.

Finally, these transfers could be preparatory steps for some significant market moves, such as large-scale selling or buying by funding existing long positions that could be at a loss.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.