Resurfaced Shiba Inu whale moves large SHIB token volume, sparking speculation amid low trading activity.
Shiba Inu whale holding 100+ trillion SHIB transfers 4 trillion tokens; limited rebound fails to initiate positive trend.
A notable event took place involving a large Shiba Inu [SHIB] holder, attracting attention. This holder made a significant transfer of SHIB tokens, sparking speculation about what it means for the tokens‘ future direction.
Additionally, the value of the tokens on exchanges was compared to their value off exchanges to assess the whale’s importance.
A large holder of Shiba Inu tokens has started to trade again:
According to a post by Lookonchain on July 13, a massive SHIB whale that had been inactive for almost two years suddenly became active again.
Lookonchain revealed that this whale owned a staggering 101.47 trillion SHIB tokens spread across 23 different wallets. These tokens were worth around $756 million, which is more than 10% of the total SHIB supply.
A giant whale with 101.47T $SHIB($756M, 10.15% of the total supply, probably the largest holder) transferred 4T $SHIB ($29.8M) to 8 fresh addresses today.
The whale has not made any large transfers for 610 days.https://t.co/3yewExpQa4 pic.twitter.com/LvVCKVnrSJ
— Lookonchain (@lookonchain) July 13, 2023
Additionally, the reactivated whale transferred 4 trillion SHIB tokens, which is worth over $29 million. These tokens were sent to eight new addresses, as confirmed by data from Etherscan.
Inflow and outflow charts show predictable patterns:
After carefully examining the inflow and outflow charts on Santiment, it was clear that there was no significant surge in activity. This observation suggests that the influential whale may not have transferred a considerable amount of the active token to exchanges, if any movement occurred.
As of now, the inflow chart shows 14.58 billion, while the outflow volume slightly exceeds 8 billion, based on the latest recorded data.
Source: Santiment
A large number of Shiba Inu tokens are not on exchanges:
Following the appearance of the active Shiba Inu whale, a closer look at the volume of SHIB tokens held outside exchanges revealed an interesting finding. Currently, there are over 914 trillion SHIB tokens held outside exchanges, while only 85.9 trillion SHIB tokens are found on trading platforms.
This suggests that many holders have chosen to keep their SHIB tokens off exchanges, possibly waiting for a price increase before considering selling.
Source: Santiment
Shiba Inu’s price continues to decline:
After a decline, Shiba Inu saw a small improvement when viewed on a daily basis. Currently, it is trading with a slight profit of less than 1%.
However, it has not yet surpassed its short Moving Average, which has been acting as a resistance level. Additionally, the volume metric suggests a lack of significant activity, which explains why the price has faced difficulties in making a strong recovery.
Source: TradingView
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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