Category: Forex News

SHIB Price Pump Preceded by Massive Shiba Inu Whale Action, On-Chain Data Shows

In a startling revelation, on-chain data has unveiled a substantial surge in Shiba Inu token purchases, totaling over $10 million in the last 24 hours. Blockchain explorers have tracked the movement of a staggering 311.17 billion Shiba Inu tokens to an unknown wallet, executed in two sizable transactions.

The first transfer saw an enigmatic individual funneling 288.639 billion SHIB, valued at $9.1 million, into the anonymous wallet. Following closely behind it, a more modest transfer of 22.531 billion SHIB, equivalent to $736,080, was completed, reportedly originating from the Bitvavo exchange.

Source: Etherscan

What is intriguing is the potential link between these transactions and European crypto platform Bitvavo, as suggested by insights from Arkham Intelligence. Speculation arises as to whether these unknown wallets might also be associated with the said platform.

SHIB to USD by CoinMarketCap

The timing of these massive token movements holds particular significance, occurring just before Shiba Inu experienced a notable surge of over 7.5% in its price. Notably, this surge found support at the familiar level of $0.00003 per token, culminating in a valuation of $0.000034 per SHIB.

The juxtaposition of these events sparks curiosity, prompting questions about the underlying dynamics driving Shiba Inu’s recent activity. With the past week already marked by notable developments in the SHIB ecosystem, this latest revelation only serves to heighten interest in the meme cryptocurrency’s trajectory.

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Written by : Editorial team of BIPNs

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