SHIB Whale Moves Billions to the Stock Exchange

The crypto tracker named Lookonchain has identified two major transactions that moved around 200 million SHIB to sell on crypto exchanges. The cryptocurrency platform warns of the possibility of the price going down after this as this has happened before.

A crypto wallet holding a large amount of Shiba Inu (SHIB) tokens moves funds to exchanges, and historical data shows that prices will fall in the short term if the owner sells the tokens. Wallet 0xd6 moved more than 182 billion SHIB tokens to crypto exchanges Gemini and Crypto.com on Monday morning, according to data quoted by analytics firm Lookonchain. That’s roughly $2.3 million. Three months ago, the same wallet moved over 200 billion SHIBs to Crypto.com and sold them for US dollars. The market price had dropped 7% at that time.

Etherscan data shows that wallet 0xd6 holds 3.1 trillion SHIB tokens worth about $40 million at current prices. This is just over 0.3 percent of the total Shiba Inu token supply. Lookonchain said the wallet received SHIB tokens in August 2020 with an initial investment of 10 ETH, or just over $3,000 at the time.

According to Lookonchain’s December tweets, since then, this wallet has been gradually selling some of its SHIB and then buying it when the price drops. SHIB sells when it starts to rise as listed by Binance and other major exchanges. As of late December 2022, the whale still had 3.33 trillion SHIB.