- SHIB whale moves 100B coins to Coinbase, risking $178K loss
- SHIB’s recent market dip contrasts with a 24hr 8% gain
- Over $16.5 million in SHIB moved by whales on May 10
The market analysts have been on the lookout for a big cryptocurrency transaction in which 100 billion Shiba Inu (SHIB) coins were transferred to Coinbase. The transaction that was done by a SHIB whale from wallet 0x462 was valued at $2. 24 million.
The Data Nerd, an on-chain data analyst, noted this activity, highlighting it as part of a broader pattern of transactions involving this cryptocurrency.
Despite the large volume of SHIB moved, the whale is poised to face a loss. The coins were first acquired at a higher average rate of $0. 00002408 each. At the moment the market price is $0. 00002324, the whale would suffer a loss of $178,000 if the coins were to be sold at the present value.
Market Dynamics and Exchange Flows
This recent transaction underscores the volatile nature of SHIB’s market performance. Over the past week, SHIB’s value has declined by 1.19% but has seen an 8% increase in the last 24hrs.
Further insights from Arkham Intelligence shed light on the movement of SHIB across various exchanges. The recent transfer to Coinbase ranks as the seventh largest inflow in the past 24 hours. This and other transactions are integral to understanding the liquidity dynamics and exchange behaviors affecting SHIB.
Additional Whale Activities
Beyond the activities of the whale associated with wallet 0x462, other significant transactions have been observed. On May 10, various whales transferred 705.9 billion SHIB, valued over $16.5 million, reducing their holdings on exchange platforms.
Earlier, on May 2, an anonymous wallet withdrew a staggering 1.75 trillion SHIB from the Robinhood exchange, signalling a potential strategy of accumulation amidst fluctuating prices.
These movements reflect a broader narrative of strategic positioning by major holders within the SHIB ecosystem, impacting both liquidity and price stability. The current market cap for SHIB stands at approximately $13.7 billion, with daily trading volumes nearing $400 million, underscoring the significant scale of these transactions in the cryptocurrency market.
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