There is an indication that crypto whales are starting to regain their confidence in the second-largest dog-themed digital token Shiba Inu (SHIB) as on-chain transaction trackers are seeing a whopping movement of SHIB from exchanges to unknown wallets. Unlike recently when a whale moved a chunk of SHIB to Coinbase for a possible selloff.
1.72 Trillion SHIB Moved from Houbi to Unknown Wallet
According to Whale Alert, the tracker of large transactions of cryptocurrencies from exchanges to unknown wallets and vice versa, an anonymous crypto whale moved a whopping 1,726,855,546,531 SHIB worth $19,398,804 from Houbi to a wallet of an unknown origin.
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Whale Alert tweeted, “1,726,855,546,531 SHIB (19,398,804 USD) transferred from Huobi to unknown wallet.”
🚨 1,726,855,546,531 #SHIB (19,398,804 USD) transferred from #Huobi to unknown wallethttps://t.co/11k1FyGGGo
— Whale Alert (@whale_alert) October 7, 2022
Is This a Bullish Signal for Shiba Inu (SHIB)?
Shiba Inu (SHIB), the 14th largest cryptocurrency by market capitalization, has used the most part of this year to endure a lethargic price trend. However, the long-standing unfavorable trend is not limited to SHIB, but the whole crypto market, including the flagship crypto Bitcoin (BTC).
The fact that such a whopping amount of SHIB tokens were transferred from an exchange to an unknown wallet implies that crypto whales are starting to build confidence in the digital asset. This also implies that whales are ready to hold the crypto asset without considering a selloff.
Generally, this is seen as a bullish signal for any digital asset. Although it may not impact the price of SHIB instantly, it’s a sign that an asset will become valuable in the future. So, this rare movement may help SHIB grow in the long term.
Read Also: Shibburn Launches New App To Help Burn Billions Of Shiba Inu (SHIB) Tokens
Why Whales Could Be Gaining Confidence in Shiba Inu (SHIB)
The recent development in the Shiba Inu (SHIB) community is likely boosting whales’ confidence in the crypto project.
It can be recalled that Shiba Inu officially announced the worldwide launch of the much-anticipated Play-to-Earn (P2E) game, Shiba Eternity. It should be noted that the game has been gaining traction on both Android and iOS devices since its launch was announced on the 6th of September.
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