Shiba Inu whales moved nearly 200 million SHIB to sell on crypto exchanges

By Selena On Feb 27, 2023

Lookonchain wise investing two significant Shiba Inu SHIB transactions that transported almost 200 million meme tokens to be sold on cryptocurrency exchanges were seen earlier today by the crypto tracker. The Twitter handle issues a warning that since this has already occurred, there may be a minor risk that the price will drop following this.

Staggering amount of Shiba Inu (SHIB) moved by crypto whale

According to the source’s tweet, 182 billion Shiba Inu were recently transferred to Gemini and other significant crypto trading platforms. This enormous quantity of meme cryptocurrency was transferred to each of the exchanges in two transactions, each worth 82.4 billion and 100 billion Shiba Inu, according to a screenshot from Etherscan that Lookonchain published.

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/BslhSwNjdN https://t.co/V07ik5oRJB https://t.co/oIkhSb5Qlo pic.twitter.com/GFhRQQO6YI

— Lookonchain (@lookonchain) February 27, 2023

According to the cryptocurrency tracker, the price of the second-most popular canine token dropped by almost 7% the previous time this whale moved comparable sizable quantities of SHIB to exchanges. On December 20 last year, 200 billion Shiba Inu were wired during this transfer. Five hours later, the digital asset’s price decreased by 7%. Known as “SmartMoney,” this whale initially purchased 15.28 trillion tokens in 2020 for just 10 ETH ($3,796).

Since Binance and other major exchanges listed SHIB, this wallet has been progressively selling some of its SHIB and then buying when the price decreases to sell when it begins to increase. The whale still had 3.33 trillion SHIB as of late December 2022.

Shiba Inu reportedly succeeded in switching MATIC from the 100 greatest whales’ most-traded cryptocurrency to Ethereum, according to the WhaleStats wallet tracker. However, data from the tracker’s website reveals that this situation did not persist long, and Polygon’s native token is once again in the position mentioned. The top Ethereum whales’ greatest holding, measured in U.S. dollar equivalent, continues to be Shiba Inu.

📰 JUST IN: $SHIB @Shibtoken flipped $MATIC for MOST TRADED token among top 500 #ETH whales

Peep the top 100 whales here: https://t.co/tgYTpOm5ws

(and hodl $BBW to see data for the top 500!)#SHIB #MATIC #whalestats #babywhale #BBW pic.twitter.com/2n7PH5DlES

— WhaleStats (tracking crypto whales) (@WhaleStats) February 26, 2023

These top investors currently have Shiba Inu worth $643,866,334 in their possession. That accounts for 12.67% of their whole portfolio.

Shiba Inu sees a significant increase in the burn rate

Shiba Inu (SHIB) recently displayed a 1,449% increase in burn rate, which is encouraging for the cryptocurrency’s future. SHIB has failed to exit the local decline it entered in February, though, despite the increase. Although the number of SHIB burned may not be as high as some holders would prefer, it is still a significant event that should raise the cryptocurrency’s price.

The burn rate is the number of cryptocurrency tokens that are purposefully destroyed by being sent to an unspendable address. This procedure lowers a cryptocurrency’s overall supply, which, if demand for the asset stays high, may boost its price. To increase the value of the still circulating tokens, the SHIB community has been actively burning tokens.

Despite the rise in burn rate, SHIB has been unable to reverse its downward trajectory. The cryptocurrency has struggled to keep its price stable and has been falling behind some of its competitors in the meme coin market.

SHIB/USD 4-hour chart | Source: TradingView

At the time of writing, SHIB is changing hands at $0.00001271. Nonetheless, SHIB has lately recovered from its 50-day moving average local support level, which can be a harbinger of good things for its price performance. SHIB’s burn rate has increased, which is generally good for the coin.

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