Shiba Inu Update: A Whale Moves 4.5 Trillion SHIB Tokens – How’s the Coin Holding Up?

Crypto News- Whale Alert, a prominent cryptocurrency tracking platform, has recently unveiled intriguing data related to significant whale transactions involving Shiba Inu tokens.

Shiba Inu Update: A Whale Moves 4.5 Trillion SHIB Tokens – How’s the Coin Holding Up?

On November 5th, an unidentified wallet executed a massive transfer of 4.43 trillion SHIB tokens to another anonymous wallet, causing ripples of speculation within the crypto community.

These transfers align with the ongoing efforts by the SHIB community to garner increased support for the token.

Analyzing the Whale Transfers: What Does It Suggest?

According to data disclosed by Whale Alert, an unknown wallet with the address 0x8d14cc60…6e5c7e24dc moved a substantial 4.43 trillion SHIB tokens, equivalent to $35.82 million, to another unidentified wallet, with the address 0x3ba943c7…225e6dabee.

Of particular interest, it was previously reported by Coingape that this same wallet had received trillions worth of SHIB tokens from Bitvavo, a centralized cryptocurrency exchange. The flurry of SHIB token transactions in recent times has piqued the curiosity of crypto enthusiasts, as these wallet-to-wallet transfers appear to be instilling a bullish sentiment in the broader cryptocurrency market.

At the time of writing, the Shiba Inu price has experienced a slight decline, with a 0.58% decrease over the past 24 hours. Currently, the SHIB price is sitting at $0.000008106, showing a modest weekly increase of approximately 1.56%.

In response to a series of whale transactions and the token-burning initiatives carried out by the Shiba Inu community, the SHIB token’s price has encountered ongoing fluctuations. Additionally, according to data shared by the Shiba Inu crypto community, nearly 1,195,326 tokens have been burned as of today, November 6th, leading to an 87.85% reduction in the total supply of tokens circulating in the market.