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Crypto: Mysterious transfer of 420 billion SHIB, is the hype back?

Mon 22 Jan 2024 ▪ 3 min of reading ▪ by Fenelon L.
Altcoins

A massive transfer of 420 billion Shiba Inu (SHIB) tokens worth $3.87 million has piqued the interest of crypto investors as the SHIB price attempts to break through the coveted $0.00001 threshold once again.

Shiba Inu dans l insertitude crypto

A Massive Transfer of 420 Billion SHIB Spikes Curiosity in the Crypto Sphere

In an unexpected turn, an anonymous investor carried out a monumental transfer of 419.873 billion Shiba Inu tokens on January 21 between two Ethereum addresses yet to be identified. 

According to the Etherscan tracker, this astronomical sum of SHIB was transferred in just 3 hours from “0xecfB” to “0xd37”, adding to the confusion surrounding this transaction of rarely seen proportions.

The exact origin of the tokens is also intriguing. Initially stored in a wallet associated with Coinbase Prime Custody’s institutional custody solution, this transfer suggests a possible involvement of professional investors, in line with Coinbase’s crypto custody services.

Etherscan data capture regarding the transfer of 419,873 SHIB.
Source: Etherscan

Positive Signals Despite Uncertainties

This major SHIB movement comes a few days after a similar transaction was identified by Arkham Intelligence. According to Arkham’s data, Robinhood is alleged to have made massive purchases of Shiba Inu. No less than 230 billion SHIB tokens, worth $350 million, are said to have joined the crypto wallet of the broker.

This activity comes as the SHIB price attempts a rebound after 36 days of decline. Recently, the price dropped by 20.5% in a month to reach $0.0000092, its lowest level since early December 2023.

However, signs of repurchasing indicate a potential temporary bottom and trend reversal for the Shiba Inu token. As SHIB struggles to regain the $0.00001 level, this massive transfer adds a potential bullish element to the scenario.

If the SHIB price manages to consolidate around its current level, some analysts believe that a sustainable crossing of the $0.00001 threshold could be conceivable.

Combined with recent transactions, this bullish scenario could materialize sooner than expected.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.