Ancient SHIB and Bitcoin Whales Awaken! What does this mean?

Shiba Inu (SHIB) and legacy Bitcoin (BTC) wallets seem to be waking up lately. So what does this mean? Will prices be affected? Here are the movements of the wallets and the expectations…

SHIB whale adds 22 million coins

The Shiba Inu continues to receive reasonable attention, especially from whales who continue to hold and purchase SHIBs in large quantities. This time, the meme coin is being swallowed by one of the biggest whales that already has hundreds of millions of coins. The size of the transactions alone was enough to grab the attention of the audience and led to speculation as to who it might be. One of the largest Shiba Inu whales had transferred about 2 trillion SHIB to its balance. This was worth $22 million at the time of purchase. This happened over a 24-hour period. The data shows that this wallet is the 6th largest Shiba Inu wallet with over $319 million in SHIB tokens held in its balance.

Large transactions like this are not strange in the Shiba Inu community. But given their size, things get serious. The owner of this particular wallet is unknown and this has been a major topic of discussion in the community. Some think it may belong to a private investor or possibly a team wallet. But there is a possibility that it is an exchange wallet. This means that their balance can belong to thousands of investors.

Shiba Inu also has other large investors that are widely followed. Many of them are also Ethereum whales and some of the biggest supporters of the meme coin. However, the SHIB investments of these Ethereum whales have declined by about 85 percent over the past year. At the time of this writing, its total dollar value has dropped from $1 billion to about $152 billion.

Binance Whales Start Hunting This Altcoin!

Profitability declines in Shiba Inu whales

As mentioned above, the dollar value of SHIB assets of the largest Ethereum whales has fallen over the past year. Now, while some of that drop came from the whales themselves, who sold some of their tokens, they’ve also seen their position hurt by the downtrend they’ve been exposed to. SHIB is currently ranked as the 13th largest cryptocurrency by market cap. Data from Messari shows the Shiba Inu has dropped more than 85 percent from its all-time high. Profitability has generally declined, given that the majority of its traders invest during the bull market.

Ancient Bitcoin whales are waking up

On the other hand, the latest development regarding Bitcoin is the first time a Bitcoin whale address has become active in nine years. Whale moved 5,000 Bitcoins worth $100 million to crypto exchange Kraken. A popular crypto reporter, Colin Wu, cited data from OKLink and shared the development. Bitcoin remained under pressure after the US unemployment report was released last week. Bitcoin is trading below $20,000 for the ninth consecutive day. It barely manages to hold above $19,511. This price point was also the peak in December 2017. It may continue to act as a crucial support for BTC going forward.

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