Three massive transfers shifted more than 4.2 trillion Shiba Inu, here’s where community thinks funds went
In the past 17 hours, three transactions involving an astonishing amount of Shiba Inu were seen and shared by Twitter user @shibaplay_. In total, over 4.2 trillion meme coins were transacted.
The funds were moved while the price of SHIB has begun to reverse after a recent massive pump.
4.2 trillion SHIB going on
The above three transactions were worth 3,369,887,165,968; 449,380,140,957 and 417,084,768,611 Shiba Inu, totaling more than 4.18 trillion.
This amount of meme coins was evaluated at $50.7 million at the time that the transfers were made.
Over the past week, whales have become quite active as the second largest meme coin, showing an impressive growth of three times, fell in the middle. In this trajectory, the Shiba Inu followed the original meme cryptocurrency, Dogecoin. Elon Musk finally closed the Twitter purchase deal on Friday, firing the CEO and two other high-ranking executives.
The community hopes that Musk will merge Dogecoin with Twitter in the near future as he hinted at that when he was only sharing his plans to buy the social media giant for $44 billion in the summer.
Here’s the Actual Destination of SHIB Transfers
Details provided by Etherscan show that 3,369,887,165,968 SHIB bales were transferred between anonymous wallets. However, one commenter said that one of them is related to a crypto exchange. However, they did not identify any particular trading platform.
The transfers that moved 449,380,140,957 and 417,084,768,611 SHIB were conducted by the Binance exchange internally, per Etherscan.
SHIB falters after price hike
From October 23 to 27, the price of the Shiba Inu increased by about 17%. However, as of now, the meme coin has started to decline and is showing a drop of over 10% over the past 24 hours period.
At the time of this writing, SHIB is changing hands at $0.00001233 after reaching a local peak of $0.00001451 last week.
