The whale movements coincided with the cooling of commercial activities and the fall in the price of SHIB. But another doggy token went up.
A whale of Shiba Inu (SHIB) is moving large amounts of the token puppy meme.
The management of an unknown investor has transferred just over $ 2.5 billion from the SHIB cryptocurrency this week. As shown by data from Etherscan.io, the direction of the whale carried out four transactions of 10,000,000,100,000 SHIBs on Tuesday, each worth approximately $ 648 million.
It should be noted that the term ‘whale’ is used in the crypto space to identify an individual, organization, or wallet address that owns many cryptocurrency funds – usually more than 1,000. tokens or an amount large enough to impact the market.
USD $ 2.5 billion Shiba Inu on the move
According to the records of Blockchain, the direction that is moving fortune in SHIB tokens became a whale of the ecosystem in August of last year, after investing about $ 8,000 in the cryptocurrency of doggy. More recently, following the rebound in prices of Shiba Inu, that wallet saw its investment grow meteorically, exceeding 5 million dollars.
As the news outlet pointed out CryptoGlobe, the investor bought in 2020 when the cryptocurrency was trading at $ 0.000000000189 per unit. In the midst of an astonishing rally, Shiba Inu managed to hit an all-time price high of $ 0.000087 last week. The meteoric rise pushed the canine-like token into the top ten of the major cryptocurrencies by market capitalization, even surpassing its main rival. Dogecoin (DOGE).
Amid explosive growth and widespread meme craze, SHIB also managed to position itself as one of the most popular cryptocurrencies in Google searches. Recent data from Google Trends cited by the middle Finbold reveal that interest in the search term “Buy SHIB” peaked in three months on the main search engine.
It is important to note that the whale of Shiba Inu has not sent the USD $ 2.5 million in tokens to no exchange. This suggests that, for now, the investor does not plan to sell the coins and is apparently only moving his holdings to other wallets.
SHIB trading activity cools down
However, despite SHIB’s price and adoption growth in recent weeks, some recent metrics suggest that the fame of the token it has started to decline. The whale movements of the currency coincided with a decline in the commercial activities of the SHIB network.
In accordance with U.Today, the transaction levels of Shiba Inu they have fallen this week very close to the levels seen before the October bull rally. With less than 25,000 transactions completed as of November 3, SHIB’s trading activity appears to be cooling off, suggesting that the coin is losing its position in the market.
Data of CryptoRank show that the doggie token registered close to 150,000 transactions on Friday of last week, coinciding with the conquest of a new price record. However, since then, Shiba Inu’s business activity levels have been progressively declining and currently remain below 27,000 transactions.
The decline in SHIB’s trading volume among major digital asset exchanges is also an indicator of the cooling of network business activities. According to data TradingView cited by U.Today, SHIB’s trading volume has dropped approximately 90% this Wednesday.
The reduction of the commercial activities of Shiba Inu and the whale movement occurred amid falling prices. Although it still maintains an increase of more than 300% relative to the last 30 days, the meme coin is down about 5% in the last 24 hours and is trading around $ 0.00006434 at the time of publishing.
Another doggy token is the eye-catcher
The price drop could be a reflection that the fizz over the currency is subsiding among investors. It could also be a sign that the general cryptocurrency market temperature is dropping. In this regard, the firm Delphi Digital said recently that the rise of dog coins have historically been “a very good indication of an overheated market“.
Both between April and May of this year, as well as early September, dog coins were all the rage and quickly plummeted as the crypto markets cooled down or saw fairly deep de-leverage.
In a similar vein, the American informant, Edward Snowden, advised against his followers on Twitter to invest in SHIB. The former CIA agent called the token “a clone of dog money”And warned that it could be a very risky investment.
Meanwhile, it appears that another canine cryptocurrency is stealing the attention of users from the crypto community. The rival token, Floki inu, inspired by Elon Musk’s puppy soared 20% in price this Wednesday after a somewhat enigmatic tweet from the well-known billionaire. The Testa CEO posted a picture that jokingly suggests that the Vikings were the first to reach the moon. The message was associated with the shipbuilder from the popular TV series “Vikings” named Floki.
Yup, even the moon pic.twitter.com/o9GrgL4hpe
– Elon Musk (@elonmusk) November 3, 2021
Article versioned by Hannah Estefanía Pérez / DailyBitcoin
Image from Unsplash