An anonymous Shiba Inu (SHIB) whale has withdrawn a large amount of SHIB from crypto exchange Huobi. On the other hand, Ethereum (ETH) whale activity continued despite the ongoing bear market. Here are the details…
SHIB whale transferred 1.72 trillion coins
According to blockchain data, a total of 1.72 trillion SHIB was transferred from an address on the Huobi exchange to an unknown wallet earlier today. The funds were valued at $19.4 million at the time of the transaction. Transaction details were also shared on Twitter by Whale Alert, a cryptocurrency whale watching service. Whale Alert tweeted, “1.726,855,546.531 SHIB ($19,398,804) transferred from Huobi to unknown wallet.” Currently, SHIB is trading at $0.00001119, down 2.2 percent in the last 24 hours.
🚨 1,726,855,546,531 #SHIB (19,398,804 USD) transferred from #Huobi to unknown wallethttps://t.co/11k1FyGGGo
— Whale Alert (@whale_alert) October 7, 2022
The development shows that crypto whales are still interested in the Shiba Inu. The withdrawals came as Shib launched his first game yesterday. The fact that investors withdraw money to their wallet shows the investor’s interest in keeping their money out of the stock market in the long run. While the value of SHIB has dropped 87 percent from its all-time high of $0.00008616, investors are still confident that the cryptocurrency price will rise again. Confidence in the numerous startups lined up for the meme coin also helps.
Currently, Shiba Inu has a metaverse project, NFTs, decentralized exchange (ShibaSwap) and a Play-to-Earn game. The Shiba Inu team is trying to launch other projects, including a stablecoin and a layer-2 network, to expand its utility. Meanwhile, development comes less than a day after Shiba Inu officially launched its much-anticipated game called Shiba Eternity. cryptocoin.comAs we have also reported, the game has attracted attention since it came to Android and iOS app stores.
Ethereum whales are also not sitting idle
On the other hand, Ethereum (ETH) whale activity is gaining momentum despite the bear market. As recorded by Whale Alert, Ethereum whales have moved more than $250 million worth of coins to an unknown wallet in the past 24 hours. The largest transaction was worth roughly $136 million (100,073 ETH) between two unknown wallets, while some minor transactions were transferred to well-known exchanges. Some market players believe that whales may still be manipulating prices.
🚨 100,073 #ETH (136,388,351 USD) transferred from unknown wallet to unknown wallethttps://t.co/1fvrj8SLh3
— Whale Alert (@whale_alert) October 6, 2022
Therefore, whale movements signaled the possibility of a pump. Others think that the move could result in a bearish after Ethereum’s performance in the previous weeks. As highlighted in a recent report by Bankless, the Ethereum ecosystem has taken a serious hit this year. New metrics that have emerged reveal that network revenue has dropped by 86 percent. ETH’s inflation rate also increased by 7.7 percent. Similarly, the total locked value on the network has dropped by 58 percent. The report added that NFT market volume also fell by 75 percent.
