Deep-pocketed Shiba Inu (SHIB) investors are moving hundreds of billions of the dog-themed meme token amid the turmoil in the crypto market.
Citing data from Ethereum (ETH) analytics platform Etherscan, Shiba Inu burn project ShibaPlay says crypto whales transferred a total of 877 billion SHIB tokens worth $7.8 million in a series of transactions.
The first transfer involving 202,438,224,930 SHIB was made on November 2nd, when the 14th largest crypto asset by market cap was trading at a high of $0.000013 for the day.
— ShibaPlay (@shibaplay_) November 2, 2022
The second transaction was a transfer of 190,000,000,000 SHIB to crypto exchange Crypto.com on November 6th, which also saw the digital asset reach an intraday high of $0.000013.
— ShibaPlay (@shibaplay_) November 6, 2022
Wallets from crypto exchange Binance initiated the third and largest of the three transactions on November 7th when SHIB was changing hands at an intraday high of $0.000012. The whale moved 485,794,498,147 of the tokens to one of its wallets.
— ShibaPlay (@shibaplay_) November 7, 2022
Shiba Inu has since tumbled along with the overall downturn in crypto markets. SHIB is now trading for $0.000010, down by 12.73% over the past 24 hours.
Much of the market downturn has coincided with troubles at crypto exchange FTX, which entered a tentative agreement with Binance for the exchange to acquire FTX.com.
FTT token has shed over 68% of its all time high on the news of FTX’s liquidity issues and at time of writing, the exchange’s native token is trading for $4.79, down 93% from its all-time high.
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