A Shiba Inu whale has moved 4 trillion SHIB worth $99 million to a new, unidentified address amid current market consolidation.
A transaction on Thursday raised eyebrows Shiba Inu community as a whale mixed a large amount of SHIB into an unidentified wallet. The transaction correlated with a broader market correction, leaving investors wondering what would be next after the transfer.
Transaction details
Whale alert drawn The community’s attention was drawn to a massive Shiba Inu movement, in which a whale moved 4,000,000,000,000 SHIB to an unknown wallet. At the time, the tokens were worth $99 million.
The change saw the wallet address “0x42219“move 4 trillion SHIB to”0x633be” before 8:45 p.m. (UTC) on November 14. On-chain analysis shows that the wallet moved Shiba Inu at an average price of $0.00002475.
Notably, the sending address is one of the largest Shiba Inu holders, currently holding over 7 trillion SHIB (0.7302% of the total Shiba Inu supply). Notably, the wallet is the ninth largest holder of Shiba Inu.
Meanwhile, the receiving address appears new, since the 4 trillion SHIB move was one of its only two transactions. The wallet’s other transaction, which looked like a test transfer, saw him receive 100,000 SHIB ($2.37) at 1:55 p.m. (UTC) the same day from the same sending address.
At the time of writing, the receiving address is still holding the funds, indicating that this could be a simple reshuffle of funds. The address “0x633be” contains 4,000,000,100,000 SHIB, valued at $94.7 million at current prices.
Further investigation by The Crypto Basic confirmed that the sending and recipient addresses belong to digital asset company BitGo. This supports the theory that the move was a simple internal fund shuffle with no real market implications.
Shiba Inu consolidates after bullish explosion
Meanwhile, Thursday’s move correlates with a broader market consolidation following an uptick. Shiba Inu depreciated by 7.76% in the last 24 hours, trading at $0.00002368 at press time.
SHIB also fell 24.25% from its weekly high of $0.00002943 reached on November 12. However, it is still up 22.81% over the past seven days after a slight rise from its price of $0.00001926 at the start of the week.
Notably, the bullish dynamic is still widespread in the Shiba Inu ecosystem while its marketing manager, Lucie, speculated that the next price increase will target $0.00006861. At current market prices, it would take an impressive 190% upside to reach the price.
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