According to crypto tracking service Whale Alert, a substantial quantity of Shiba Inu (SHIB) tokens, totaling trillions in number, was recently transferred from the Amsterdam-based cryptocurrency exchange Bitavo to an undisclosed wallet within the SHIB network. This movement involved approximately 4.5 trillion SHIB tokens, which are valued at approximately $33.1 million.
This transfer has resulted in a reduction of selling pressure for those holding SHIB, particularly those who are bullish on its prospects. At present, the ownership of the recipient’s wallet remains uncertain. It is plausible that the wallet is under the control of the exchange itself, which may be reshuffling its assets. Alternatively, it could be in the possession of a SHIB enthusiast with a positive outlook on the meme cryptocurrency.
Despite the positive aspect of tokens leaving exchanges, the price of Shiba Inu (SHIB) has been facing difficulties. Over the past week, the token has experienced a 2.5% decrease, and over the preceding month, it has seen a decline of 7.2%. Moreover, since September 1, it has struggled to surpass the $0.000008 mark. In fact, except for a brief surge in August, SHIB has been predominantly on a downward trajectory throughout most of 2023.
Shiba Inu’s Network Activity Surges: A Sign of Growing Interest?
Despite its underwhelming performance in the market, SHIB has experienced a noteworthy surge in the number of daily active addresses. According to data from IntoTheBlock, there was a substantial 198% increase in SHIB’s daily active addresses over the past week. Although it’s too early to draw definitive conclusions, this surge in daily active addresses may potentially indicate the possibility of an upcoming rally.
However, the data from IntoTheBlock also reveals a decline of 2.46% in significant transactions involving SHIB, and the number of people in a profitable position has decreased by 1.49%. As of the latest available information, a substantial 89% of Shiba Inu (SHIB) holders find themselves at a loss, with only 9% in a profitable position and 2% breaking even. The decrease in substantial transactions is particularly concerning, especially when considering that a significant 77% of SHIB’s total supply is held by large wallets.