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Whales Move 4.2 Trillion SHIB as Price Sees "Hangover Reverse"

Mon, 10/31/2022 - 10:17
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Yuri Molchan
Three massive transfers shifted more than 4.2 trillion Shiba Inu, here's where community thinks funds went
Whales Move 4.2 Trillion SHIB as Price Sees "Hangover Reverse"
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Over the past 17 hours, three transactions carrying astounding amounts of Shiba Inu were spotted and shared by Twitter user @shibaplay_. In total, more than 4.2 trillion meme coins were transacted.

The funds were moved while the price of SHIB has begun to reverse after a recent massive pump.

Steaming 4.2 trillion SHIB on move

The three aforementioned transactions were worth 3,369,887,165,968; 449,380,140,957 and 417,084,768,611 Shiba Inu, with over 4.18 trillion in total.

This amount of meme coins was evaluated at $50.7 million at the time that the transfers were made.

Over the past week, whales have become quite active as the second largest meme coin demonstrated an impressive rise three times, plunging in between. In this trajectory, Shiba Inu followed the original meme cryptocurrency, Dogecoin. The latter went up at an astonishing pace after Elon Musk finally closed the Twitter purchase deal on Friday, firing the CEO and two other high-ranking executives.

The community hopes that Musk will merge Dogecoin with Twitter in the near future as he hinted at that when he was only sharing his plans to buy the social media giant for $44 billion in the summer.

SHIB Burn Rate Spikes 1,720% After Shiba Inu Price Cools Down

Here's actual destination of SHIB transfers

Details provided by Etherscan reveal that the 3,369,887,165,968 SHIB lump was transferred between anonymous wallets. However, one of the commentators opined that one of them belongs to a crypto exchange. He did not identify any particular trading platform, though.

The transfers that moved 449,380,140,957 and 417,084,768,611 SHIB were conducted by the Binance exchange internally, per Etherscan.

SHIB price stumbles after rise

From Oct. 23 to 27, the price of Shiba Inu demonstrated a rise of nearly 17%. However, by now, the meme coin has begun to decline and is showing a drop by more than 10% over the period of the past 24 hours.

At the time of this writing, SHIB is changing hands at $0.00001233 after reaching a local peak of $0.00001451 last week.

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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