Shiba Inu (SHIB) Witnessing Massive Sell-Off
- Worth about $2.3 million SHIB transferred from wallet to crypto exchanges.
- Shiba Inu price decreased by over 3% in the last 24 hours.
A large amount of Shiba Inu moved from cryptocurrency wallets to exchanges. According to data from analytics company Lookonchain, a significant whale (wallet 0xd6) moved 183 billion SHIB to crypto exchanges Crypto.com and Gemini, just after Voyager Digital sold its cryptocurrency holding to crypto exchanges Coinbase and Binance US.
Declines in Shiba Inu Price
The transferred Shiba Inu is worth about $2.3 million. Still, the wallet holds 3.33 trillion SHIB, worth around $28 million. Also, the firm mentioned historical data about the wallet that sent 200 billion SHIB to Crypto.Com and sold them for US dollars, which led Shiba Inu to drop by over 7%. This incident indicates if transferred SHIB tokens were sold the price would drop quickly.
At the time of writing, the second largest memecoin Shiba Inu traded at $0.00001236 with a 24-hour trading volume of $237 million, which declined by over 8%. SHIB price decreased around 3% in a day and over 7.5% in a week. The meme coin’s market cap also declined by 2.7% in the last 24 hours.
Further, cryptocurrency brokerage Voyager Digital, which has a total of $77 million SHIB, transferred around $12.12 million of Shiba Inu to Coinbase and Binance US on Feb 27. On the other hand, SHIB Army awaits the much anticipated layer-2 blockchain “Shibarium” launch.
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