Shiba Inu Whale Moves 420B SHIB Tokens: Will Price React?

An unidentified investor moved 419.873 billion SHIB tokens worth $3.87 million between mysterious addresses “0xecfB” and “0xd37.”
The Shiba Inu tokens originated from Coinbase Prime Custody, suggesting an institutional nature to the substantial transaction.
Despite a 20.5% decrease in SHIB’s value over a month, signs of a market reversal emerge.

An unidentified major investor has executed a significant transaction involving a staggering 419.873 billion Shiba Inu (SHIB) tokens, valued at an impressive $3.87 million.

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Etherscan’s tracking reveals the rapid migration of this substantial SHIB volume from the “0xecfB” to the “0xd37” address within the past three hours, with both addresses enshrouded in mystery. The origin of the Shiba Inu tokens heightens the complexity of this large token transfer. Initially held in a sender address associated with Coinbase Prime Custody, the transaction suggests a potential institutional nature, aligning with Coinbase’s custody solution and adding layers of intricacy to the narrative.

This unprecedented event unfolds against Shiba Inu’s dynamic price action. Having weathered a prolonged 36-day downtrend, the SHIB price recently experienced a 20.5% decrease, dropping to $0.0000092 from its peak a month ago. Despite this decline, indications of a potential market reversal surface, with active buybacks hinting at a temporary bottom for the Shiba Inu token.

As the SHIB price strives to recover the coveted $0.00001 threshold, the mysterious nature of the massive transaction involving nearly 420 billion SHIB tokens adds an intriguing dimension to the narrative. Meanwhile, per the latest Shiba Inu price forecast by CoinCodex, indications suggest a potential decline of 6.24%, projecting the price to hit $ 0.08526 by January 27, 2024. Technical indicators currently reflect a Bearish sentiment. However, the Fear & Greed Index registers at 55 (Greed).

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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.