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Shiba Inu Investor Transfers Tokens to Exchanges, Possibly Foreshadowing Price Drop
Wallet 0xd6 moved more than 182 billion shiba inu tokens to crypto exchanges Gemini and Crypto.com during Asian morning hours on Monday.
A crypto wallet holding a large number of shiba inu (SHIB) tokens is moving funds to exchanges, with historical data suggesting a decline in prices in the short term if the holder were to sell the tokens.
- Wallet 0xd6 moved more than 182 billion shiba inu tokens to crypto exchanges Gemini and Crypto.com during Asian morning hours on Monday, data cited by analytics firm Lookonchain shows.
- Three months ago, the same wallet moved more than 200 billion SHIB to Crypto.com, selling them for U.S. dollars. SHIB's price fell 7% at the time.
- Tracking the movement of tokens from wallets that hold a significant amount of supply can serve as an indicator of price activity. If a large number of tokens are sold, the price might decline as greater supply is available to the market. If the tokens are moved to related decentralized-finance (DeFi) applications, however, prices may not drop immediately.
- Etherscan data shows the wallet 0xd6 holds more than 3.1 trillion shiba inu tokens, valued at almost $40 million at current prices. That is slightly over 0.3% of the total supply of shiba inu tokens.
- Lookonchain said the wallet acquired shiba inu tokens in August 2020 with an initial investment of 10 ether (ETH), or just over $3,000 at the time.
2/ The SmartMoney bought 15.28T $SHIB with 10 $ETH ($3,796) on August 7, 2020.
— Lookonchain (@lookonchain) December 20, 2022
Then he made ~1,967 $ETH (~$7M) by buying and selling $SHIB on #Uniswap. pic.twitter.com/OaKyDnPYOX
STORY CONTINUES BELOW
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
