Shiba Inu Whales Move Over 9 Billion SHIB, Price Turns Red

Shiba Inu (SHIB), a crypto known for its meme-inspired beginnings, has experienced price fluctuations. Nevertheless, the project has made significant strides in terms of utility and development initiatives.

Setting itself apart from other meme coins, Shiba Inu distinguishes itself by actively participating in development projects and regularly updating its community to ensure transparency and communication.

Now, according to the latest data from Etherscan, SHIB whales have moved almost 8.8 billion Shiba Inu between various crypto exchange wallets.

Shiba Inu whales move billions of SHIB between exchanges

Etherscan data shows that there have been five transactions ranging from 1.2 billion SHIB to a high of 2.4 billion SHIB. A notable transfer of SHIB took place involving the prominent cryptocurrency platform Gate.io. It was a total of 2,499,592,500 SHIB moving from an undisclosed crypto wallet.

Additionally, a transaction can be seen where 1,904,542,431 SHIB moved from a Binance 16 address to an unknown wallet. The remaining SHIB tokens in the billions were exchanged between addresses associated with anonymous whales, as per Etherscan data.

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The series of transactions, however, didn’t have a positive effect on the price of SHIB. According to CoinMarketCap data, SHIB is trading at $0.00000741, with a 1.66% drop in value over the last 24 hours.