Shiba Inu (CRYPTO: SHIB) has recently seen substantial whale transactions, signaling a potential major price move ahead.
What Happened: According to Whale Alert data on April 2, significant transactions involving one trillion SHIB tokens were noted as the meme coin dipped slightly:
- Wintermute transferred 461.6 billion SHIB tokens, valued at $13.2 million, to an unknown wallet.
- Robinhood received 467.6 billion SHIB tokens from an anonymous wallet, with the exchange being the third-largest holder of Shiba Inu based on Etherscan data.
- Additionally, around 17 billion SHIB tokens were moved from the trading platform Cumberland to Robinhood, as reported by U. Today.
In a separate transaction on March 29, approximately 1.4 trillion SHIB tokens were transferred from an unknown wallet to Kucoin. This move coincided with the exchange facing allegations of illegal operations.
Whales, individuals or entities holding large amounts of cryptocurrency, can significantly influence a token’s trading dynamics with their movements.
Also Read: ‘Dogecoin Killer’ Shiba Inu’s Burn Rate Surges 2,300%: Trader Predicts ‘Moments Where It Flips Doge’
Why It Matters: Shibburn data for March reveals that 15.6 billion SHIB tokens, valued at $454,154, were burnt across 217 transactions, resulting in a monthly burn rate increase of 2,330.5%.
IntoTheBlock data shows a notable surge in transactions exceeding $100,000, totaling 372 transactions as of April 2, up from 157 transactions on March 31. Despite a slight weekly price decrease, Shiba Inu has delivered profits for 62% of its holders, with 9% at break-even.
While daily transactions have dipped recently, Shiba Inu continues to remain a preferred choice among analysts and is poised to potentially outperform Dogecoin soon. In the past 24 hours, the token has seen a 2% increase.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Shiba Inu Up 6% On 17,197% Burn Rate Explosion, But: ‘SHIB is Cheap,’ Claims Trader
Image: Shutterstock
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