According to on-chain analytics from Whale Alerts, nearly $65 million worth of Shiba Inu (SHIB) has moved between unknown wallets over three transactions. A total of almost 6 trillion SHIB tokens were moved in the three transactions.
At press time, the identity of the wallet holders is still unknown. It is possible that an exchange is behind the movement and is moving around its reserves. It is also possible that an individual or a group of individuals is behind the massive move. Perhaps the financial year coming to an end has a part to play in the movement.
Nonetheless, the Shiba Inu (SHIB) tokens have not yet moved to an exchange, which is a positive sign. Tokens moving to exchanges increases the chance of them being sold. However, since the tokens are still held in wallets, there is no cause for worry about a sell-off.
The movement of the SHIB tokens comes just before the project aims to launch its layer-2 network, Shibarium. Although the team has not given an exact launch date, the community expects the mainnet to go live very soon. The movement of the tokens may be in anticipation of the upcoming launch.
How is Shiba Inu’s price reacting?
The popular cryptocurrency is currently down by 5.9% in the last 24 hours, and up by 0.2% in the last seven days. Shiba Inu (SHIB) currently faces resistance at $0.00001137, with support being formed at $0.00001050. If SHIB can break its current resistance levels, it may face fresh resistance at $0.00001169.
However, SHIB is experiencing slowed growth at the moment as there is not much pushing the adoption of the token, other than news surrounding Shibarium. The testnet for the upcoming layer-2 has seen a lot of users coming on board. The test net has already seen over 200k wallet addresses. Moreover, as revealed by SHIB developer Shytoshi Kusama, over 500 people have expressed interest to become Shibarium validators. At press time, Shiba Inu (SHIB) was trading at $0.00001070, up by 0.3% in the last hour.