Crypto tracker Lookonchain has spotted two major SHIB transactions made earlier today that moved around 200 million meme tokens for sale on crypto exchanges. The cryptocurrency platform warns of the possibility of the price going down after this as this has happened before. Here are the details…
SHIB whale in action
A crypto wallet holding a large amount of Shiba Inu (SHIB) tokens moves funds to exchanges, and historical data shows that prices will fall in the short term if the owner sells the tokens. Wallet 0xd6 moved more than 182 billion SHIB tokens to crypto exchanges Gemini and Crypto.com on Monday morning, according to data quoted by analytics firm Lookonchain. That’s roughly $2.3 million. Three months ago, the same wallet moved over 200 billion SHIBs to Crypto.com and sold them for US dollars. The market price had fallen 7 percent at that time.
A SmartMoney we shared before transferred 182B $SHIB ($2.3M) to #Cryptocom and #Gemini just now.
The last time he transferred $SHIB to #Cryptocom dropped the price of $SHIB by 7%.
Join our telegram group to received alerts.https://t.co/BslhSwNjdNhttps://t.co/V07ik5oRJB https://t.co/oIkhSb5Qlo pic.twitter.com/GFhRQQO6YI
— Lookonchain (@lookonchain) February 27, 2023
cryptocoin.com As we have also reported, monitoring the movement of tokens in wallets holding substantial supply can be an indicator of price activity. If a large number of tokens are sold, the price may decrease as there is more supply in the market. However, prices may not drop immediately if the tokens are moved to related decentralized finance (DeFi) applications.
Etherscan data shows that wallet 0xd6 holds 3.1 trillion SHIB tokens worth approximately $40 million at current prices. That’s just over 0.3 percent of the total Shiba Inu token supply. Lookonchain said the wallet received SHIB tokens in August 2020 with an initial investment of 10 ETH, or just over $3,000 at the time.
Whale taking from the bottom
According to Lookonchain’s December tweets, since then, this wallet has been gradually selling some of its SHIB and then buying it when the price drops. SHIB sells when it starts to rise as listed by Binance and other major exchanges. As of late December 2022, the whale still had 3.33 trillion SHIB. Currently, the Shiba Inu is changing hands at $0.00001265, according to data shared by CoinMarketCap.
Whales, active lately
Meanwhile, blockchain analytics firm Santiment pointed to cryptocurrency whale movements on Maker (MKR). Apart from that, Santiment says there is another bullish sign flashing in the crypto markets. According to the firm, dormant TrueUSD (TUSD) coins have taken a sudden action as the stablecoin’s supply on crypto exchanges has reached its highest level in nearly two years. However, since MKR and TUSD whales do not transfer coins to the stock market, they do not worry about selloff.
