Wednesday, June 19, 2024
HomeCryptocurrencyWhale Unstakes Over 800 Billion SHIB from ShibaSwap in One Transaction. Here's...

Whale Unstakes Over 800 Billion SHIB from ShibaSwap in One Transaction. Here’s the Implication

According to top blockchain analytics platforms, Whale Alert and Etherscan.io, a major whale unstaked a whopping 800,215,912,624 Shiba Inu tokens from Shibaswap DEX in a single transaction.

This Shiba Inu (SHIB) whale now holds 1.01 trillion SHIB tokens, worth roughly $11.28 million at press time. Notably, the whale is placed 54th on the ranking of wallets with huge amounts of Shiba Inu tokens.

While the purpose of the massive token unstaking remains undisclosed, the whale may dump these SHIB tokens, especially now that the meme token seems to be gaining momentum. 

It bears mentioning that the unstaked 800 billion SHIB tokens have not been moved from the whale wallet at the time of writing. In a case where the assets are dumped, SHIB’s price could fall in the short term. 

Meanwhile, SHIB’s price dropped significantly on Wednesday after the bankrupt crypto lender Voyager Digital moved 270 billion Shiba Inu tokens to Coinbase. 

Voyager has been moving billions of the tokens to the same exchange and other exchanges including Binance.US ever since February 14. Speculations say that the insolvent crypto firm has been offloading assets on its balance sheet to settle users.  

SHIB is up only 2.53% in the last 7 days at the time of writing. But with the upcoming launch of the Shiba Inu layer-2 scaling solution, Shibarium, the price of the second-largest meme token could stage a massive rally.

<

Follow us on Twitter, Facebook, Telegram, and Google News

Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.
RELATED ARTICLES

Latest News & Articles