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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dog-themed cryptocurrency Shiba Inu saw a massive move of 1.05 trillion SHIB tokens, worth about $22.7 million, into a mysterious whale wallet on March 2. The transfer spotted by crypto data tracker Whale Alert has raised curiosity as the identity and motive of the whale remain unknown.
Whale Alert reported that “1,050,000,000,000 SHIB (22,787,450 USD) was transferred from an unknown wallet to an unknown wallet.”
The whale movement of 1.05 trillion SHIB coincided with an upsurge in Shiba Inu prices, which reached a nearly two-year high. A phenomenal nine-day price run for Shiba Inu resulted in a two-year high of $0.0000235 for SHIB on March 2.
Shiba Inu consequently saw its highest weekly increase and its best performance since October 2021, when it reached all-time highs of $0.00088. At the time of writing, the SHIB price has fallen 4.75% in the last 24 hours to $0.00002043, reflecting profit-taking. However, Shiba Inu has remained higher by 112% in the last seven days.
Etherscan, a blockchain explorer, has revealed a few details regarding the mystery whale wallet that got the 1.05 trillion SHIB. The wallet is a major Shiba Inu token holder, currently holding 848,512,243,279 SHIB worth $17,632,084, implying it might have shifted out about $5 million worth of SHIB from his massive 1.05 trillion SHIB purchase. The wallet also contains no other tokens except SHIB.
One possible explanation for the move might be that the whale wants to accumulate tokens in hopes of a further price rise for SHIB. However, the exact reason for the SHIB transfer remains unknown.
Positive news continues to inflow into the Shiba Inu ecosystem. Lucie, a Shiba Inu team member, announced in a recent tweet that the SHIB burn portal is now available on the Shib.io platform’s Shibarium tab, allowing the Shiba Inu community to burn their SHIB tokens.