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A Shiba Inu whale has moved 4 trillion SHIB worth $99 million to a new unidentified address amidst the current market consolidation.
A Thursday transaction raised eyebrows among the Shiba Inu community as a whale shuffled a large amount of SHIB to an unidentified wallet. The transaction correlated with a broader market correction, leaving investors wondering what was next after the transfer.
Transaction Details
Whale Alert drew the community’s attention to a massive Shiba Inu movement, where a whale moved 4,000,000,000,000 SHIB to an unknown wallet. At the time, the tokens were worth a whopping $99 million.
The shift saw wallet address “0x42219” move 4 trillion SHIB to “0x633be” by 20:45 (UTC) on November 14. On-chain analysis shows that the wallet moved the Shiba Inu at an average price of $0.00002475.
Notably, the sending address is one of the largest Shiba Inu holders, currently holding over 7 trillion SHIB (0.7302% of Shiba Inu’s total supply). Notably, the wallet is the ninth-largest Shiba Inu holder.
Meanwhile, the receiving address seems new, as the 4 trillion SHIB movement was one of its only two transactions. The wallet’s other transaction, which looked like a test transfer, saw it receive 100,000 SHIB ($2.37) by 13:55 (UTC) the same day from the same sending address.
At the time of writing, the receiving address still holds the funds, signaling it might be a mere fund shuffle. The “0x633be” address holds 4,000,000,100,000 SHIB, valued at $94.7 million at the current price.
Further investigation carried out by The Crypto Basic confirmed that both the sending and recipient addresses belong to digital asset firm BitGo. This confirms the theory that the movement was a mere in-house fund shuffle with no real market implications.
Shiba Inu Consolidates After Bullish Outburst
Meanwhile, the Thursday transfer correlated with a broader market consolidation after a bullish uptick. Shiba Inu has depreciated 7.76% in the past 24 hours, trading at $0.00002368 at press time.
SHIB has also dropped 24.25% from its weekly high of $0.00002943, which it attained on November 12. However, it is still up 22.81% in the past seven days after an uptick from its $0.00001926 price at the start of the week.
Notably, bullish momentum is still prevalent in the Shiba Inu ecosystem as its marketing lead, Lucie, speculated that the next price uptick will target $0.00006861. At the current market price, it would surge an impressive 190% to attain the price mark.