$2.3 Million Worth of SHIB on the Move, Price Reacts

Hours after the lead developer of ShibaSwap, Shytoshi Kusama, published the third blog about Shibarium, nearly $2.3 million worth of Shiba Inu tokens were moved from a decentralized platform to Crypto.com and Gemini exchange. The whale transferred around 182 billion SHIB tokens to the exchanges, making the token turn green on Monday.

The whale still holds around 3 trillion Shiba Inu tokens worth a staggering $25 million. The identity of the mysterious whale who moved millions worth of SHIB right after the Shibarium’s third blog remains to be unknown.

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However, the last time the same whale transferred millions worth of SHIB, its price dipped 7% in the indices. It is not yet known if the whale has dumped the tokens through Crypto.com and Gemini. If the whale decides to jump ship and sell the tokens, SHIB’s price could nosedive as it did previously.

On-chain metrics and analytical firm Look on Chain highlighted the transaction showcasing the $2.3 million SHIB tokens on the move. “A SmartMoney we shared before transferred 182B $SHIB ($2.3M) to Crypto.com and Gemini just now. The last time he transferred SHIB to Crypto.com dropped the price of SHIB by 7%,” the tweet read.

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Shiba Inu & The Whales

A handful of whales have taken entry positions into the dog-themed token, and a sell-off could prove costly to retail investors. SHIB is also in the top-10, most traded cryptocurrencies among the rich-list community. Data about whale fishing SHIB is out almost every two to three days in the markets.

Its holder count also grew to 1.3 million this year and could attract more investors once when Shibarium is launched.

Also Read: SHIB: 2 Lucky Investors Made $9 Million With a $7,900 Investment

At press time, Shiba Inu was trading at $0.00001272 and is up 2% in the 24 hours day trade. SHIB is down 85.27% from its all time high of $0.00008616, which it reached in October 2021.