Mysterious Whale Wallet Moves $22M Worth SHIB Tokens: What’s Next?

A mysterious whale wallet transferred $22 million worth of Shiba Inu tokens.
Shiba Inu experienced a surge in prices, reaching a two-year high of $0.0000235.
Positive developments in the Shiba Inu ecosystem include the introduction of the SHIB burn portal.

Shiba Inu (SHIB) recently witnessed a significant event as 1.05 trillion SHIB tokens, valued at approximately $22.7 million, were transferred into a mysterious whale wallet on March 2. This transfer, detected by crypto data tracker Whale Alert, has sparked intrigue due to the unknown identity and motives of the whale involved.

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The massive movement of SHIB tokens coincided with a surge in Shiba Inu’s price, reaching its highest level in nearly two years. The cryptocurrency experienced a remarkable nine-day price rally, hitting $0.0000235 for SHIB on March 2.

Despite a slight decline of 4.75% in the last 24 hours, with the current price at $0.00002043, Shiba Inu has shown a remarkable 112% increase over the past week, marking its highest weekly gain since October 2021.

The wallet, which now holds 848,512,243,279 SHIB worth $17,632,084, appears to have recently acquired a significant amount of SHIB, possibly selling off some tokens worth around $5 million. Notably, the wallet exclusively contains SHIB tokens. While the exact reason for the transfer remains unknown, one speculation is that the whale may be aiming to accumulate more tokens in anticipation of a further price increase for SHIB.

Meanwhile, positive developments continue within the Shiba Inu ecosystem, as the SHIB burn portal is now available on the Shib.io platform’s Shibarium tab, enabling community members to burn their SHIB tokens.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.