A significant transfer of Shiba Inu (SHIB) tokens has captured the attention of the cryptocurrency community. Amid a market correction, a single transaction worth $99 million involving 4 trillion SHIB tokens has raised questions among investors about its implications.
Details of the Whale Transaction
The transaction, first highlighted by Whale Alert, saw a large amount of SHIB moved from one wallet to another. Specifically, the wallet identified as “0x42219” transferred 4 trillion SHIB to a new address, “0x633be,” on November 14 at 20:45 UTC.
At the time of the transfer, the tokens were valued at approximately $99 million, calculated at an average price of $0.00002475 per SHIB.
The sending wallet, a known SHIB whale, holds more than 7 trillion SHIB tokens, representing 0.7302% of the cryptocurrency’s total supply. This makes it the ninth-largest holder of Shiba Inu tokens.
Meanwhile, the receiving wallet appears new, with the transfer of 4 trillion SHIB being its second transaction recorded. Earlier that day, at 13:55 UTC, the same sending wallet initiated a test transaction of 100,000 SHIB, worth $2.37 only at the time.
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Subsequent analysis revealed that the recipient wallet still holds the 4 trillion SHIB tokens and the earlier test transfer, bringing its total holdings to 4,000,000,100,000 SHIB, now valued at $94.7 million. This suggests that the movement may have been a fund shuffle with no immediate market impact.
BitGo Connection Confirms Internal Transfer
Upon a closer inspection by Times Tabloid, it was discovered that both the sending and receiving wallets belong to the crypto exchange BitGo. This finding confirms that the large-scale movement of SHIB tokens was likely an internal transfer, potentially for operational purposes, rather than a signal of any market-moving activity.
Shiba Inu Market Performance Amid Consolidation
The whale transaction coincided with a period of market consolidation for Shiba Inu following a recent bullish rally. Over the past 24 hours, SHIB has experienced a 7.55% decline, trading at $0.00002418 as of this writing.
Despite this drop, the token remains up by 27.49% over the past week, buoyed by a price increase from $0.00001926 earlier in the week to a high of $0.00002943 on November 12.
Amid the market correction, optimism remains within the Shiba Inu community. The project’s marketing lead, Lucie, recently suggested that SHIB could target $0.00006861 in its next upward move. Achieving this price would represent a 183% increase from its current level of $0.00002418.
While the whale activity raised initial concerns among investors, confirmation of its internal nature has mitigated fears of a sell-off. The Shiba Inu market continues to navigate its consolidation phase, watching broader market conditions and potential catalysts that could reignite bullish momentum.
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