In a noteworthy development, a substantial transfer of $31.7M worth of SHIB tokens took place on Friday, with the funds being sent to Binance
Over the past 48 hours, the Shiba Inu (SHIB) market has witnessed substantial activity driven by whale investors. These influential holders have initiated a massive sell-off, amounting to a staggering 3 trillion SHIB tokens since last Friday. Initially holding a combined total of 661.44 trillion tokens, the whales’ holdings have now decreased to 658.48 trillion SHIB, as per the latest data. Notably, a significant portion of their holdings (410.36 trillion) has been burned, effectively removing them from circulation. This burning process has contributed to making these tokens unavailable for trading.
Largest Non-Exchange SHIB Holder Emerges
In a recent development, the largest non-exchange holder of $SHIB has made a significant purchase of 1.5 trillion tokens, amounting to $10 million, from Binance and Coinbase. This follows a notable transaction on May 16, where the address “0x73AF” received a substantial amount of 20 trillion $SHIB tokens, equivalent to $134.4 million, from the address “0x40B3”. As a result, the latter address now holds 5.3 trillion $SHIB tokens, valued at $35.5 million. This whale’s holdings establish them as the largest non-exchange holder of $SHIB, indicating their influence and impact on the market.
— Lookonchain (@lookonchain) June 13, 2023
t is worth mentioning that many of the prominent holders of SHIB tokens are actually wallet addresses associated with cryptocurrency exchanges, with Binance being the largest among them. Alongside the significant sell-off by whales, an interesting event occurred on Friday when an uncommon transfer of $31.7 million worth of SHIB was made from Shiba Staking to Binance, as reported by Whale Alert, a platform that monitors major cryptocurrency transactions. Such large-scale movements and reorganizations within the token ecosystem often coincide with selling activities and are generally perceived as negative indicators.
During the significant price decline of Shiba Inu tokens, which exceeded 30% over the mentioned period, it is not surprising that the overall value of large SHIB wallets also experienced a substantial decrease. However, an intriguing pattern can be observed from the available data. It appears that the shortfall incurred by the whales was offset by the other two categories of investors. Specifically, there was a notable increase of 1.96 trillion SHIB tokens within the wallets of investor accounts, which are defined as those holding between 0.1% and 1% of the total token supply. This suggests a potential redistribution of tokens from the whales to these mid-level investors during this time frame.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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