Whale Alert, a popular service that tracks large crypto transactions, reported a colossal transfer of Shiba Inu (SHIB) tokens. A staggering one trillion SHIB, equivalent to approximately $28,814,000, was transferred from an unidentified wallet to Gate.io, a major cryptocurrency exchange.
Whale Alert, a popular service that tracks large crypto transactions, reported a colossal transfer of Shiba Inu (SHIB) tokens. A staggering one trillion SHIB, equivalent to approximately $28,814,000, was transferred from an unidentified wallet to Gate.io, a major cryptocurrency exchange.
This transaction has attracted the attention of both investors and analysts, leading to widespread speculation about its possible impact on the market. The reasons behind this massive transfer remain speculative, as the identity of the sender and the purpose of the transaction are unknown.
However, such significant movements of coins to a crypto exchange usually indicate a possible sale or preparation for trading activity, which can lead to increased volatility in the market, especially for a coin as popular as SHIB. On the other hand, the main transfer of SHIB occurs at a time turbulent weather for Shiba Inu and the crypto market in general.
Significant drop in the price of the Shiba Inu
The last 24 hours have seen a notable drop in prices across the board, with SHIB seeing a significant drop. Currently, the token is trading at $0.00002889, which is a drop of 14.27% from the previous day. Despite this recent drop, it is important to note that SHIB has shown notable growth over the past month, rising 193.86% following a substantial rally.
However, adding to market jitters, CoinGlass data reveals that there has been an increase in SHIB settlements in the last 24 hours. The total amount settled reached $5.28 million, of which the majority, $4.08 million, came from long liquidations, in which investors bet that the price would rise. Meanwhile, briefly liquidationswhere bets are made on the price falling, amounted to 1.20 million dollars.
Overall, the large-scale move from SHIB to Gate.io, combined with the significant price drop and increased liquidations, has left the cryptocurrency community in suspense. The next few days will be crucial in determining the impact of this massive transfer on Shiba Inu’s market position and whether it will exacerbate or alleviate the current market volatility.
