The crypto money whale, which has more than $ 3 trillion SHIB in its basket, has moved more than 180 billion tokens to the exchanges. cryptocoin.comWe have compiled the altcoin that the whale started selling for you.
Whale transfers Shiba Inu (SHIB)
A major wallet on the Ethereum blockchain holding a substantial amount of Shiba Inu (SHIB) has transferred more than 180 billion tokens to two cryptocurrency trading platforms in a move that could lead to a short-term drop in value. According to cryptocurrency analytics firm Lookonchain, a wallet identified by the initial 0xd6 has moved more than 182 billion Shiba Inu to Gemini and Crypto.com exchanges.
As mentioned, the cryptocurrency whale has carried a large number of tokens in the past. It transferred over 200 billion SHIB to Crypto.com late last year, in a transaction that preceded a 7% drop in the price of the meme-inspired cryptocurrency. According to on-chain data, the wallet currently holds 3.1 trillion SHIB and accounts for just over 0.3% of the total supply of the meme-inspired cryptocurrency.
2/ The SmartMoney bought 15.28T $SHIB with 10 $ETH ($3,796) on August 7, 2020.
Then he made ~1,967 $ETH (~$7M) by buying and selling $SHIB on #Uniswap. pic.twitter.com/OaKyDnPYOX
— Lookonchain (@lookonchain) December 20, 2022
Other assets in the whale’s wallet include $3.9 million in Ethereum’s native ETH token, $368,000 in Origin Trail (TRAC), $366,000 in BONE, $330,000 in Chainlink (LINK), and $200,000 in Loopring (LRC). . Whale Lookonchain says it bought 15.2 trillion SHIB with just 10 ETH in August 2020 and made over 1,960 ETH by buying and selling the cryptocurrency on the decentralized Uniswap exchange.
When the meme-inspired cryptocurrency was listed on centralized exchanges like Binance and Coinbase, the whale started trading it there. According to Lookonchain, if the whale bought SHIB at the price it bought it and sold it at the price it transferred from its wallet, it made a profit of about $85 million.
Whale buys low and sells high
According to analysts, the whale always buys SHIB when its price is low and sells when its price rises. While the movement of these SHIB tokens may lead to short-term price drops, they do not reveal much about the long-term outlook for cryptocurrencies.
In particular, most Shiba Inu investors showed that they do not plan to sell in bulk, as the average time that users on Coinbase hold the meme-inspired cryptocurrency before selling or moving it to an external address exceeds 230 days.
The number of Shiba Inu owners is increasing ahead of the expected launch of Shibarium. This upcoming layer-2 solution aims to enhance the Shiba Inu ecosystem by providing faster transactions at lower cost, among other significant improvements. But there are still many questions regarding the release and use of Shibarium.
Shibarium will work with Ethereum to process transactions within the Shibarium ecosystem. It will take most of the processing load that the Shiba Inu ecosystem currently brings to Ethereum to operate on the Shibarium chain. Also, tier-2 will remove tokens from circulation to reduce supply and help increase price. This is known as a token burning mechanism, also called Dead Wallets. Shibarium will burn SHIB and require BONE for transactions.
