An indication has emerged that whales are starting to rekindle their interest in the second largest meme coin, Shiba Inu (SHIB): data provider Whale Alert has observed a massive SHIB move from exchanges to unknown wallets. This move has recently resulted in a whale giving some SHIB to Coinbase for a possible sale. from carrying on the contrary, in the opposite direction; from exchange to wallet.
1.72 Trillion Meme Coin Moved From Houbi to Unknown Wallet
An anonymous crypto whale moved 1,726,855,546,531 SHIB worth $19,398,804 from Houbi to an unknown wallet, according to Whale Alert, a tracker of major transactions of cryptocurrencies.
— Whale Alert (@whale_alert) October 7, 2022
Is This an Up Signal for the Shiba Inu (SHIB)?
Koinfinans.com As we previously reported, Shiba Inu (SHIB), the second largest meme coin, has used a lot of this year to endure some tedious price action. However, the long-standing negative trend is not limited to SHIB, the entire crypto market, including the leading crypto Bitcoin (BTC), is going through a difficult period.
The transfer of such a large amount of SHIB from an exchange to an unknown wallet indicates that crypto whales are starting to build trust in the digital asset. This also means that whales are ready to hold the crypto asset without considering a sale.
Generally, this move is considered a bullish signal for any digital asset. While the meme does not affect the coin price instantly, it is a sign that an asset will appreciate in the future. Therefore, this rare move could help SHIB grow in the long run.
Why Do Whales Trust Meme Coin?
The latest development in the Shiba Inu (SHIB) community is likely increasing whales’ trust in the crypto project.
Shiba Inu’s highly anticipated Play-to-Earn (P2E) game has officially announced the worldwide launch of Shiba Eternity. It is worth noting that since its launch was announced on October 6, the game has been attracting attention on both Android and iOS devices.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.