SHIB whales move $276 million off exchanges, what’s next?
- Billions of SHIB token were moved on 20 March, causing a spike in transaction volume.
- The move was from an exchange wallet to self-custody despite negative MVRV.
Since Shiba Inu’s [SHIB] price increased in January, it has gone through a period of fluctuating gains and losses. Despite the ebb and flow of the SHIB pricing, a wallet recently made several withdrawals, totaling a significant amount of the currency.
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Billions of Shiba Inu (SHIB) change wallets
According to data from Santiment, six transactions totaling over 406 billion SHIBs apiece were observed from an exchange wallet on March 20. The transaction was worth $276 million and transferred from an exchange wallet to a self-custody wallet.
A glance at the transaction volume statistic revealed that the transactions caused a spike in the chart. The entire transaction volume on March 20 exceeded 370 million. Furthermore, the transaction volume increase induced by the transfer was the fourth largest rise in the first quarter.
30- and 365- days MVRV
Shiba Inu was undervalued on both 30- and 365-day Market Value Realized Value ratios (MVRV), according to data from Santiment. Even though the MVRVs’ percentages varied when compared, they both demonstrated that the most recent transfer between the wallets had no profit.
SHIB was quite overpriced in January when it hit over 20%, according to the 30-day MVRV, but it has since started to decline in value in recent weeks. The MVRV ratio was -5.5% at the time of this writing.
The 365-day MVRV demonstrated that SHIB was in the overvalued zone, just like the 30-day MVRV did, but it entered the zone in February. At its peak, its MVRV ratio was just 13.9%, which was low compared to the 30-day MVRV. The ratio was -12.86% as of the time of writing.
Shiba Inu flips support as volume remains steady
Shiba Inu has been erratic since its January surge, as the daily timeframe chart shows. The price action on the chart produced new areas of resistance and support. As of this writing, the area between $0.000010 and $0.000011 that provided support in January was now acting as resistance. Also, it was trading at a profit of over 1% as of this writing.
How much are 1,10,100 SHIBs worth today?
On Santiment, the volume metric likewise revealed consistent activity. This would be the case, as the SHIB transaction was from an exchange wallet to self-custody. As of this writing, there had been no noticeable surge in the volume, around 249 million.
The most recent whale move cannot be characterized as profitable given the volume, MVRV, and price of Shiba Inu. Instead, it would appear to be a withdrawal done, expecting a future price increase.