A Shiba Inu (SHIB) whale that has been dormant for more than 157 days has started trading again. The whale’s activity has caused concern among the meme coin community. Here are the details.
Shiba Inu is known as a meme coin that has become popular lately. However, the prices of such coins can be volatile as whales accumulate large amounts of tokens and then sell out. The re-processing of a Shiba Inu whale that had been dormant for more than 157 days has caused concern among the community.
By SpotOnChain, the leading blockchain analytics platform where the whale takes action reported. First thing after the whale woke up, it transferred over 4 trillion SHIB tokens to several addresses.
Data from Etherscan confirms this claim. Etherscan shows that the wealthy Shiba Inu whale has distributed 4,000,000,000,107 (4 trillion) SHIB worth over $30 million to nine new wallets. The unknown whale moved a small volume of 107 SHIB to a specific address in its first transaction at 8:40 am (UTC) on July 12. He then transferred 500,000,000 Shiba Inu to eight separate addresses at short intervals.
The first four transactions were completed on July 12, while the remaining five SHIB token transfers were made today.
Speculation and speculation has risen among community members, as Whale has not given an explanation as to why he transferred these tokens. Many investors can lay their crypto assets dormant for years. Sometimes, the rationale behind this action is to hold the asset until its price rises. In other cases, a crypto address may go dormant due to unforeseen circumstances. Whale wallet still has around 6.2 trillion SHIB in its wallet after these heavy transfers.
Besides, the last Shiba Inu transaction at this whale address took place on February 5, when it received approximately 7,050 Shiba Inu from a Coinbase address. It is also worth noting that this whale was one of the first SHIB investors. In 2020, he appears to have spent 37.81 ETH worth $12,500 to accumulate 103 trillion SHIB.
Effect on SHIB Price
Market participants think the whale could sell these 4 trillion SHIBs that were recently released. However, these tokens are still in the whale’s wallets at the time of writing. A negative impact on the price of SHIB can be expected if they are sold.
At press time, SHIB is trading at $0.000007497.
You can follow the current price action here.
Source : the crypto basic