On-chain data shows a savvy crypto whale in the Shiba Inu ecosystem is making moves that previously preceded major volatility for SHIB.
First reported by blockchain tracking firm Lookonchain, data from the Ethereum (ETH) blockchain indicates that a “smart money” SHIB whale has just moved 182,214,438,344 SHIB to two different crypto exchanges.
Etherscan shows that the whale, which is the 32nd largest holder of SHIB, moved 100 billion tokens to crypto.com, and another 82.2 billion to Gemini in a separate transaction.
According to Lookonchain, the last time the whale made such a move, the price of SHIB took a tumble.
“A SmartMoney we shared before transferred 182B SHIB ($2.3M) to Crypto.com and Gemini just now.
The last time he transferred SHIB to Crypto.com dropped the price of SHIB by 7%.”
Lookonchain has previously tracked the whale, detailing the entity’s elaborate SHIB trading style that allowed it to net tens of millions of dollars in profits late last year.
At time of writing, the whale still holds 3.1 trillion SHIB after the transfer to Crypto.com and Gemini.
A potential sell-off of SHIB would put the whale in a contrarian position against the building excitement for Shibarium, the new layer-2 scaling project for Shiba Inu, slated for a beta release this week. Shibarium is designed to be similar to other layer-2 scaling solutions like Polygon (MATIC).
Shytoshi Kusama, Shiba Inu’s lead developer, announced yesterday the launch of a Shibarium portal meant to boost the adoption of the new project.
Shiba Inu is also the most visited page on Binance, according to data from the world’s largest crypto exchange.
At time of writing, SHIB is trading at $0.00001264, moving mostly sideways as the community awaits Shibarium.
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