Connect with us
Active Currencies 14820
Market Cap $2,358,389,389,471.60
Bitcoin Share 51.14%
24h Market Cap Change $-4.35

Shiba Inu whale moves 48B tokens; SHIB’s price reacted by…

2min Read

Shiba Inu saw a massive sell-off recently from a wallet, and its exchange flow showed that more traders had sold off their holdings recently. 

Shiba Inu whale moves 48B tokens: Was SHIB impacted?

Share this article

  • SHIB’s trend remained positive despite its ongoing decline.
  • There was a massive sell-off, led by a wallet that had been dormant.

A recent Shiba Inu [SHIB] transaction attracted attention as an old wallet sold off all its holdings. This move resulted in a substantial profit for the wallet owner.

However, it remains to be seen how this sell-off will affect the exchange flow of the memecoin.

Shiba Inu wallet makes a massive move

According to data from Lookonchain, a Shiba Inu whale wallet that had been inactive for over three years recently made a significant move.

This wallet originally bought 48.09 billion SHIB in 2021 using 2 ETH, valued at approximately $2,625.

On 27th May, the wallet sold all its holdings for 278.7 ETH, worth around $1.1 million. This transaction resulted in a remarkable 419-fold gain. The move comes amid a rally in memecoins.

How Shiba Inu exchange flow trended

An analysis by AMBCrypto revealed a significant Shiba Inu inflow on 27th May, amounting to 510 billion SHIB. This indicated that there were other large outflows aside from the 48 billion SHIB a large whale wallet sold.

Although this wasn’t the highest recent inflow, it was among the top. 

Conversely, the outflow analysis showed that 236 billion SHIB were moved out of exchanges on the same day, indicating that more SHIB were sold than bought.

At the time of writing, the inflow stood at approximately 45.7 billion SHIB, while the outflow was over 57.1 billion SHIB.

Shiba Inu exchange flow

Source: Santiment

This resulted in a net exchange flow balance of around -11.4 billion, meaning more SHIBs were withdrawn from exchanges than sold.

SHIB’s trend stays positive

A daily time frame analysis of Shiba Inu showed that it has experienced several downtrends recently. 

However, it has stayed above its short Moving Average (yellow line), indicating that its overall price trend is not entirely negative. 

Shiba Inu price trend

Source: TradingView


Read Shiba Inu (SHIB) Price Prediction 2024-2025


According to AMBCrypto’s analysis, the whale’s sell-off occurred when SHIB experienced an uptrend, closing 4.81% higher on 27th May. 

Despite a decline of over 2% at the time of this writing, SHIB was still trading above the yellow line.

 

Share

Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.