- An anonymous whale has transferred 182 billion SHIB to Crypto.com and Gemini.
- The last time the whale moved SHIB, the price dropped by 7%.
- However, the recent movement hasn’t affected the price of Shiba Inu.
According to the latest on-chain data shared by Lookonchain, an on-chain analyst, a SmartMoney that was earlier identified by Lookonchain has moved 182 billion SHIB. The $2.3 million worth of Shiba Inu was moved to Crypto.com and SHIB.
This SmartMoney was earlier identified by Lookonchain, where the user transferred 200 billion SHIB to Crypto.com on December 20, 2022. Following the transfer in December, the price of SHIB dropped by 7%. However, the recent transfer hasn’t affected the price of the meme coin. At press time, Shiba Inu is trading at $0.00001273, with a 2.4% gain in value over the last 24 hours.
According to the findings by Lookonchain, SmartMoney purchased 15.28 trillion SHIB on August 7, 2020, for 10 ETH. The purchase was worth around $3,796. The user was also identified as having made over 1,967 ETH by buying and selling SHIB on Uniswap.
Lookonchain also identified that the SmartMoney usually buys SHIB when the price is low and sells it when the price spikes. The wallet currently holds 3.15 trillion SHIB, which is worth around $40 million at press time.
Whales have always had a keen interest in meme coins, including SHIB. The whales regularly performed buy and sell actions whenever the price fluctuated. Shiba Inu is also quite known for its volatility, which is being utilized by the whales to make quick profits.
Shiba Inu has performed relatively better in 2023, with a 60% spike in value over the last 60 days. With Shibarium expected to launch soon, the community expects the price to soar.
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Source: https://coinedition.com/smartmoney-transfers-182-billion-shib-to-crypto-com-and-gemini/