Shiba Inu has had a great deal of activity in the last 24 hours. A staggering two trillion SHIB tokens have been moved around amongst many different institutions, including as trading desks, exchanges, and whales. Might it be a SHIB signal?
Who’s transporting all of this SHIB, then? A few cryptocurrency exchanges and whales are leading the charge. For instance, a whopping 77.453 billion SHIB were sent to a Coinbase hot wallet as part of one transaction, while an additional 412.7128 billion SHIB were transmitted to a Coinone hot wallet.
Not only that, but a massive 500 billion SHIB transaction was made to a Crypto.com hot wallet. 431.1738 billion SHIB, most likely owned by a trading desk or a whale, found their way into yet another anonymous wallet. These are only a handful of the enormous transactions that took place.
Why is there so much movement right now? It’s probably because the market as a whole is gathering up steam and recovering from a difficult period. Not only is SHIB making a comeback, but other meme currencies are as well.
These large-scale transactions may be exchanges redistributing money to improve security or streamline wallet operations in order to maintain liquidity. Whales might also be those preparing for a major event or profiting from the market’s rebound by trading Shiba Inus.
For whatever reason, the SHIB network is obviously seeing an increase in activity at the moment, and these large transfers are an indication that something is cooking. As the market appears to be stabilising, SHIB and other meme currencies appear to be making a comeback.
