Billions of Shiba Inu Transferred From Major Exchange as SHIB Price Eyes Big Move

Fri, 2/02/2024 – 12:30

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In a recent development, an extensive quantity of Shiba Inu tokens has been transferred from leading cryptocurrency exchange OKX to an undisclosed wallet with the address “0x422.” The transaction, totaling 11.03 billion Shiba Inu tokens and valued at approximately $100,000, has captured the attention of many.

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Following the withdrawal from OKX, Etherscan data reveals that the tokens were subsequently transferred to another unidentified wallet, labeled “0xE95.” Presently, this wallet holds a substantial amount of Shiba Inu tokens, amounting to 56.846 billion, surpassing a valuation of more than half a million dollars.

Source: Etherscan

Notably, the wallet also contains 87.71 thousand Uniswap (UNI) tokens, equivalent to $542,000, in addition to a portion of Ethereum (ETH), elevating the total assets of this undisclosed investor to over $1 million.

Next huge move for SHIB

Against the backdrop of these notable SHIB transfers, attention is drawn to the price action of the Shiba Inu token. Over the past eight days, the token’s price has exhibited predominantly sideways movement, ranging from a minimum of $0.0000084 to a maximum of $0.0000094. This pattern suggests a phase of accumulation, a critical period where substantial investors often make strategic decisions regarding their asset holdings.

SHIB to USD by CoinMarketCap

The observed transfer of Shiba Inu tokens, coupled with the current price dynamics, implies an impending significant move in the SHIB price chart. While the direction of this movement remains uncertain, recent transactions, as exemplified by the substantial transfer, indicate a bullish stance among notable players in the crypto space.

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