The movement of a very large volume of Shiba Inu (SHIB) tokens from an unknown wallet to a top crypto exchange has been spotted by Whale Alert, one of the most advanced blockchain trackers and analytics systems that reports large transactions of cryptocurrencies.
Should this whopping quantity of SHIB be dumped into the market, then the price of the second-largest dog-themed token could be impacted adversely in the short term.
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Approximately 1 Trillion SHIB Tokens Enters Coinbase Marketplace
Shiba Inu (SHIB) tokens amounting to approximately 1.06 trillion units have been transferred from a mysterious whale to Coinbase, the largest United States cryptocurrency exchange by trading volume in just one transaction. This transaction was announced by Whale Alert in the wee hours of October 5.
At the time of the transaction, the tokens were worth approximately $12.2 million. Whale Alert wrote, “1,060,594,914,048 SHIB (12,156,362 USD) transferred from unknown wallet to Coinbase.”
🚨 1,060,594,914,048 #SHIB (12,156,362 USD) transferred from unknown wallet to #Coinbasehttps://t.co/fU8ESO1N1V
— Whale Alert (@whale_alert) October 5, 2022
Read Also: Whale Watch: Whales Buy 1.6 Trillion SHIB Taking Advantage of the Dip
Although 1.06 trillion units of Shiba Inu (SHIB) is a small portion of the meme token’s total supply, the likely sale of these tokens has caused a retracement in the price of SHIB which has been trying hard to break the resistance of $0.00001157, as seen on the SHIB/USDT chart. Looking at the time Whale Alert reported the transaction and when the SHIB price retracement started, this conclusion was drawn.
At the time of writing, SHIB is trading for $0.00001137 with a 1.25% price drop in the past hour, according to data from Coinmarketcap.
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