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2.4 Trillion SHIB Moved To Unknown Wallet: Bullish Wave Ahead For Shiba Inu?
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2.4 Trillion SHIB Moved To Unknown Wallet: Bullish Wave Ahead For Shiba Inu?

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Shiba Inu (SHIB)

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Earlier today, a massive trove of SHIB tokens was relocated from Binance.US, the American subsidiary of the world’s largest crypto exchange, Binance. These tokens, amounting to roughly 2.4 trillion according to WhaleAlert, have been transferred to an unknown wallet.

🚨 2,416,836,656,676 #SHIB (18,771,570 USD) transferred from #BinanceUS to unknown wallethttps://t.co/8ujqIZ5C5i

— Whale Alert (@whale_alert) July 19, 2023

This movement of SHIB tokens is particularly noteworthy as this comes amid the anticipation which is running high as Shytoshi Kusama, the lead developer of Shiba Inu, hinted at the upcoming release of Shibarium mainnet and Worldpaper in August.

Whale Alert Triggers Market Speculation

According to Whale Alert, the blockchain tracking and analytics provider, the wallet transfer from Binance.US to an unknown wallet comprised approximately 2,416,836,656,676 SHIB tokens, which, at the time of transfer, were worth around $18.77 million.

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Shibarium Reaches New Milestones As Anticipation Builds For Mainnet Launch

1 year ago

Though this transaction could be interpreted as a positive sign, suggesting that ‘whales’, or large-scale investors, are acquiring and hoarding SHIB tokens by moving their SHIB asset to an unknown, privately-held wallet, signaling their intent to hold for an extended period.

However, a deep dive into Etherscan data also shows that Binance.US has since been shuffling tokens to a fresh wallet address identified as 0x058A over the past couple of days. This wallet, interestingly, now holds a mix of 69 different tokens collectively valued at $72.62 million.

Regardless, the Shiba Inu community is abuzz with chatter about this monumental transfer. Many community members have speculated that this activity may be linked to the upcoming launch of Shibarium, further stoking the anticipation for August’s much-awaited release.

Bullish Wave Ahead For SHIB

While it’s still unclear what the whale’s aim behind this move is all about, given the fundamental metrics, Shiba Inu might actually be closer to a bullish wave.

Shiba Inu Lead Developer, Shytoshi Kusama, announced earlier this month, the Shiba Inu Ecosystem will be the title sponsor for the Blockchain Futurist Conference, Eth Toronto, and Eth Women – events to take place in Toronto in August where the team could launch Shibarium. These events could serve as a catalyst that ushers in another rally for the meme coin.

Related Reading

Shiba Inu Shibarium release date

Breaking: Shiba Inu Lead Dev Reveals Shibarium Release Date, SHIB Up 3%

1 year ago

Meanwhile, over the past week, SHIB has been performing quite well. The meme coin has managed to breach several resistance levels and currently trades at $0.00000782, marking a nearly 5% uptick over the previous week.

SHIB’s market capitalization currently stands at $4.6 billion, which elevates it to the 16th spot in the ranking of cryptocurrencies by market cap.

Adding to this bullish narrative, SHIB’s trading volume has also seen a considerable boost in the past seven days, soaring from $74.4 million to $87 million in the last 24 hours. This positive momentum is partly due to the broader crypto market trend, led by Bitcoin’s recent rally.

Shiba Inu (SHIB) price chart on TradingView
Shiba Inu (SHIB) price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

Featured image from Shutterstock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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