Largest Whale Moved Trillions of Shiba Inu to Unknown Wallet

• 25 trillion SHIB moved from Crypto.com to an Unknown wallet.
• Shiba Inu’s price declined by 4% in a day.

The dog-themed memecoin Shiba Inu (SHIB) witnessed a massive whale transfer since its Shibarium beta release. Over “25 trillion SHIB tokens” worth around $263 million have left a major crypto exchange Crypto.com to an Unknow wallet with various transactions. Also, the transaction has not yet been noticed widely and led SHIB Army to confusion. 

According to the blockchain tracker and analytics Whale Alert, an unknown Ethereum (ETH) address transferred 2,49,39,48,25,10,232 SHIB into a self-custody wallet in six separate transactions. This largest whale transaction occurred on March 20th between 09:06:23 and 09:38:23 UTC, which has a slight time differ between each transfer. At the time of writing, the moved meme tokens were worth about $263 million. 

However, all transferred Shiba Inu tokens are now stored at a new address. It’s unclear about the transactions whether another whale is moving its tokens or Crypto.com is isolating its SHIB to a new wallet.

Whale Effects on SHIB Price

The hype over the layer-2 blockchain Shibarium which debuted on February 12, is muted. And the price of the second-largest memecoin, Shiba Inu, did not soar as the Shiba community expected. Further, following the whale transfer, the Dogecoin revival price declined by over 4%. And the SHIB burn rate was down by more than 60%, as per the Shibburn portal.

At the time of writing, Shiba Inu traded at $0.00001070 with a 24-hour trading volume of $322 million, which declined by more than 10%. Also, SHIB holds a market cap of $6.3 billion, as per CoinGecko data. 

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