Shiba Inu’s 4.6 Trillion Token Migration Leads To Price Bounce

The crypto-verse has been experiencing a period of decline. Shiba Inu [SHIB], in particular, has let down several individuals by not experiencing a rally even with the launch of Shibarium. In addition to this, all other indicators within the network showed a dip. However, in the midst of these circumstances, a large investor appeared to be capitalizing on the ongoing market decline.

Whale Alert, a monitoring tool for crypto transactions, has identified a notable migration of Shiba Inu tokens over the past 24 hours. This transaction involved a substantial amount, totaling trillions of SHIB tokens. This corresponded to an estimated value of $40 million. The platform mentioned earlier noted a significant sum of 4,627,778,173,637 SHIB tokens was relocated.

What piques interest in this migration of Shiba Inu tokens is that the transfer occurred between two recently established wallets. The sender’s wallet, in particular, displayed only a handful of transactions within the last day and a half, with no previous transaction history prior to this event.

Furthermore, the recipient wallet of the 4.6 trillion SHIB tokens appears to be freshly created as well. The latest transfer was its sole transaction. As a result, it could be inferred that a novel Shiba Inu whale has come into existence.

Also Read: Shiba Inu: Is the SHIB Army Trying To Revive the Network?

Shiba Inu: Whale activity continues to remain lull

In spite of the most recent transaction, the volume of large transactions within the SHIB network continues to remain low. As per information provided by IntoTheBlock, there were merely 48 large transactions, contrasting with the 163 transactions that occurred during the previous week. Similarly, the large transaction volume also dipped.

Also Read: Shiba Inu Is Currently the 3rd Best Performing Among the Top 100

On the price front, SHIB was trading at $0.000008165, at press time. The asset saw a 2.66% daily surge. The meme coin rose from a low of $0.000007963 to a high of $0.000008317.