Shiba Inu (SHIB), a cryptocurrency that became popular for its meme-inspired beginnings, has experienced significant price fluctuations and numerous drops in value. Nevertheless, the project has shown remarkable advancement in terms of utility and development efforts.
Setting itself apart from other meme coins, Shiba Inu actively involves itself in development projects and maintains a transparent relationship with its community. The team is dedicated to providing frequent updates, fostering transparency, and keeping communication channels open with its loyal supporters.
After the recent decline in Shiba Inu’s price, large holders, commonly known as whales, have initiated the transfer of billions of SHIB tokens. As per information retrieved from Etherscan, Shiba Inu whales have collectively moved approximately 30 billion SHIB tokens.
Shiba Inu Token Migration in the Billions
According to Etherscan data, there were more than ten transactions involving the transfer of a significant amount of SHIB tokens, ranging from 1.5 billion to 7.5 billion SHIB. These transfers occurred from Binance to various anonymous wallets and appear to be related to SHIB token purchases. Additionally, multiple large holders, commonly known as whales, participated in the movement of over 1.6 billion and 2 billion SHIB tokens, presumably to sell their holdings.
The data also indicates that five notable transactions, totaling 3.9 billion, 2.9 billion, 5.4 billion, 4.3 billion, and 2.9 billion SHIB tokens, were carried out between unidentified whale accounts. This activity is taking place while Shiba Inu’s value has decreased by approximately 2% in the last 24 hours. The cryptocurrency has dropped below the $0.000008 support level, now trading at approximately $0.000007656.