Unexpectedly, on-chain data has revealed a sharp increase in Shiba Inu token purchases, amounting to an astounding $10.2 million in just 20 hours. Reportedly, two significant transactions led to the tracking of an astounding 382 billion Shiba Inu tokens to an unidentified wallet.
In the first transfer, an unidentified person sent a massive 357.97 billion SHIB, or a whooping $9.77 million, into the mysterious wallet. Not much following came a more cautious transfer of 24.09 billion SHIB, or $601,520, that was allegedly made from the Bitvavo exchange.
Data from Arkham Intelligence suggests that there may be a relationship between these transactions and the European cryptocurrency site Bitvavo, which is worth noting. There is conjecture regarding the possibility that these hidden wallets are connected to the previously described website.
SHIB price takes dive
These massive token transfers are especially significant since they are taking place in the midst of a major 25% drop in Shiba Inu’s price since Friday. Due to this decline, a critical support level at about $0.00003 per token was broken, sending the price of SHIB down to $0.000024.
Investors and fans are still on edge right now, watching closely to see if the decline in SHIB quotes will continue or if it is only a correction after the first phenomenal rise.
This coincidence of occurrences sparks interest and begs questions about the underlying factors guiding Shiba Inu’s recent actions. In light of the week that has already seen a number of noteworthy changes within the SHIB ecosystem, the latest revelation only serves to heighten curiosity about the future of the meme cryptocurrency.
