A large Shiba Inu (SHIB) whale address has moved over 1.24 trillion tokens to crypto exchanges Gate.io and Binance, sparking selloff concerns.
The latest market bloodbath has triggered a Shiba Inu collapse below the $0.00003 territory, causing the crypto asset to hit a low last witnessed at the time it recorded a crash on March 5. SHIB has now slumped by 13.15% over the past 24 hours.
Whale Moves 1.24T Shiba Inu to Exchanges
As the downtrend persists, on-chain data reveals a series of fund movements that have compounded the widespread market panic. Whale tracking resource Whale Alert recently called attention to a substantial exchange inflow involving Shiba Inu.
🚨 🚨 1,000,000,000,000 #SHIB (28,814,000 USD) transferred from unknown wallet to #GateIOhttps://t.co/YDmMp9kmrg
— Whale Alert (@whale_alert) March 15, 2024
Notably, Whale Alert disclosed that an unidentified wallet moved 1 trillion SHIB worth a whopping $28.84 million in a single transaction to crypto trading platform Gate.io. Data from Etherscan indicates that the transaction occurred today at 09:38 (UTC).
Interestingly, the transaction coincided with a sharp drop in Shiba Inu’s price, as the asset summarily crashed to a low of $0.00002700 at the 09:00 hour before eventually recovering. After the drop, SHIB reclaimed the $0.000029 territory but has since failed to touch $0.00003.
Past SHIB Movements
Data shows that the whale first received the tokens from Binance and Gate.io in January. Notably, this address procured 546 billion SHIB from Binance on Jan. 8, and then received over 895 billion tokens from Gate.io across multiple transactions from Jan. 9 to 18.
During the time of these transactions, Shiba Inu was still battling to recover the $0.00001 territory, consolidating between $0.00008 and $0.00009. The address continued to hold onto the tokens until Feb. 7, when it sent 500 billion SHIB to Gate.io by routing it through another wallet.
It procured 300 billion SHIB again from Binance and Gate.io in February shortly after the 500 billion outflow. The whale desisted from taking out any more tokens until today. Notably, before the 1 trillion outflow today, the wallet moved 241 billion tokens to Binance two minutes prior.
Following these transactions, the address now holds no Shiba Inu tokens, with a balance of 0.19 ETH. As investors typically move their assets to exchanges when it’s time to sell them off, these transactions have triggered concerns of an increase in selling pressure on SHIB.
Meanwhile, Shiba Inu currently trades for $0.00002851, still retaining a 127% increase this month. Despite the recent market collapse, trading activity has been on the upside, with a 9% increase in volume over the past 24 hours to $2.57 billion.
