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The crypto market is abuzz once again as Shiba Inu, a world-famous memecoin, experiences another significant token transfer. This marks the second major event within the past week, involving an unidentified whale transferring a substantial amount of SHIB to an undisclosed wallet.
On August 16th, the Shiba Inu token witnessed notable whale activity. Etherscan data detected fourteen transactions, involving a movement of approximately 33 billion SHIB, which translates to around $330K based on the current SHIB price.
The findings reveal that within the 33 billion SHIB, sizable chunks like 1.9 billion and 1.8 billion SHIB tokens were withdrawn from a KuCoin wallet and the OKX exchange, respectively.
However, if we check Etherscan Data, majority of these wallets are in constant transactions with other central exchanges like Binance, and Coinbase.
If one checks the Etherscan data, they will find multiple major transactions occurring from the same wallets, a few of which are probably engaged in arbitrage.
In total, about four billion SHIB left exchanges, while the remaining 33 billion saw exchanges between anonymous crypto whales.
Likewise, on Sunday, a significant transfer of approximately 4,599,850,345,603 SHIB tokens, valued at nearly $47,994,838 USD, occurred between an unidentified wallet and another wallet with undisclosed origins.
As per CoinMarketCap data, the prominent meme coin Shiba Inu (SHIB) has shown a 6% decline overnight, currently trading at $0.0000096. This decline follows a notable event at the annual blockchain conference in Toronto, Canada, where the leading developer, Shytoshi Kusama, delivered a brief AI-powered speech.
Over the last five days, SHIB token has been consistently sold off by sellers, resulting in a decline of nearly 15% from its monthly peak of $0.00001136. Furthermore, the ongoing activities of these whales could potentially exert additional pressure on the memecoin in the upcoming period.
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