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Shiba Inu (SHIB) hosted a significant price drop after experiencing a rise of over 250% in the past weeks, falling below the $0.00003 level. The decline is occurring simultaneously with SHIB transfers to exchanges by a whale wallet, increasing concerns about potential sales by investors.
Shiba Inu (SHIB) Whale Activity
On March 15, Whale Alert (@whale_alert), known for tracking cryptocurrency whale transactions, revealed significant transfers of SHIB tokens to crypto exchanges. An unknown wallet transferred a massive 1 trillion SHIB (worth $28.8 million) to Gate.io, a leading cryptocurrency exchange.
Following the transaction, which occurred around noon Turkey time, SHIB’s price experienced a sharp decline, falling to $0.0000277 before a slight recovery.
Looking back at the whale wallet’s activities, the history of SHIB token purchases is revealed. In January, the wallet in question had made a total purchase of 1.44 trillion SHIB in multiple transactions. These tokens were bought from Binance and Gate.io, with transfers indicating 546 billion SHIB from Binance on January 8 and more than 895 billion SHIB from Gate.io between January 9-18.
During these purchases, SHIB had moved above the $0.00001 price point. The whale wallet continued to hold these tokens until February 7 and then transferred 500 billion SHIB to Gate.io. However, this amount was not sent directly from the same wallet but from other wallets.
After this exit in February, the whale wallet again purchased 300 billion SHIB from Binance and Gate.io and retained its assets until today’s transaction.
Shiba Inu (SHIB) Price Outlook
Whale transactions, a notable part of the SHIB ecosystem, are often considered by investors as a harbinger of potential selling activities. Comments and transactions made by the whale have further increased investors’ inclination towards selling.
SHIB, as of writing, is trading at $0.00002691, reflecting a 7.92% decrease in the last 24 hours and a 17.12% drop over the past week. On the other hand, SHIB had a 192.45% increase last month, outperforming many other cryptocurrencies.
