Shiba Inu has seen a lot of action over the last day. Two billion SHIB tokens have been shuffled between numerous entities, including whales, exchanges, and trading desks. Could it be a signal for SHIB?
Shiba Inu has seen a lot of action over the last day. Two billion SHIB tokens have been shuffled between numerous entities, including whales, exchanges, and trading desks. Could it be a signal for SHIB?
So who moves all this SHIB? Whales and some crypto exchanges are taking action. For example, in one transaction 77.453 billion SHIB was moved to a Coinbase hot wallet, and another 412.7128 billion SHIB was sent to the Coinone hot wallet.
But that’s not all: there was a large transaction of 500 billion SHIB sent to a Crypto.com hot wallet. Another large chunk of 431.1738 million SHIB landed in another anonymous wallet, probably owned by a whale or a trading desk. These are just a few of the gigantic transactions that occurred.
Why all this movement now? It is probably because the entire market is gaining speed and recovering after a difficult time. And it’s not just about SHIB; Other meme coins are also recovering.
These massive moves could be exchanges shuffling funds for added security or to manage their wallets more efficiently, in order to maintain liquidity. The whales could also be the ones preparing for something big or taking advantage of the market recovery to make some Shiba Inu trades.
Whatever the reason, it’s clear that activity on the SHIB network is increasing right now, and these massive transfers are a sign that something is brewing. As the market returns to form, it appears that SHIB and other meme coins are making a comeback.
