Earlier data observed by Todayq News on July 14, 2023, indicated that a big holder of Shiba Inu (SHIB) tokens, known as a “whale,” had drawn the crypto community’s attention by transferring a considerable number of tokens. The whale transferred four trillion SHIB tokens, worth approximately $29.8 million, to eight different new addresses.
In a recent tweet by an individual named “whale alert,” a significant amount of SHIB tokens was moved from Binance US to an unknown wallet. The transferred tokens were worth around $18.77 million, amounting to roughly 2.4 trillion SHIB tokens.
This move has triggered speculation in the market. Some believe that large investors (whales) might be acquiring and hoarding SHIB tokens by moving them to a private wallet, indicating their intention to hold them for a long time. However, it’s worth noting that Binance US branch has been transferring tokens to another wallet (0x058A) recently, which now holds a mix of 69 different tokens valued at $72.62 million.
The Shiba Inu community is buzzing with chatter about this transfer, with many speculating that it might be connected to the upcoming launch of Shibarium in August.
Despite the uncertainty surrounding the transfer, the fundamentals of Shiba Inu seem promising. Shytoshi Kusama, the lead developer of Shiba Inu, announced the Shiba Inu Ecosystem’s sponsorship of several blockchain events in Toronto in August, potentially leading to a rally for the meme coin.
According to recent data from Intotheblock, the majority of Shiba Inu holders are experiencing losses. The data indicates that approximately 1.01 million addresses, accounting for about 80.12% of the total, are currently at a loss. On the other hand, there are around 191.67k addresses, which represent about 15.15% of the total, that are in a profitable position. Additionally, approximately 59.95k addresses, making up about 4.74% of the total Shiba Inu holders, are at the breakeven price.
Shiba Inu (SHIB), a meme token, is facing potential selling pressure as long-term investors consider profit-taking at costly price levels from the previous bullish season. The token saw an impressive 357% increase in active addresses during Q2, indicating heightened interest.
Over the past week, SHIB has been performing well, breaching several resistance levels and currently trading at $0.00000782, showing a nearly 5% increase from the previous week. As of now, its market capitalization stands at $4.6 billion, placing it 16th among cryptocurrencies by market cap.
Furthermore, SHIB’s trading volume has seen a significant boost in the past seven days, rising from $74.4 million to $87 million in the last 24 hours. This positive momentum is partly driven by the broader crypto market trend, led by Bitcoin’s recent rally.