A New Shiba Inu Whale Has Now Accumulated 4 Trillion SHIB Tokens

A new Shiba Inu whale has now accumulated 4 trillion SHIB tokens during the recent market downturn.

A Shiba Inu whale recently transferred 4 trillion SHIB, valued at about $99 million, to an unidentified wallet amid ongoing market consolidation.

This significant transaction caught the attention of the Shiba Inu community, especially as it occurred during a broader market correction, raising questions about its implications.

Transaction Overview
On November 14, a wallet with the address “0x42219” sent 4 trillion SHIB to a new address, “0x633be,” at around 20:45 (UTC).

The on-chain analysis indicated that the tokens were transferred at an average price of $0.00002475.

The sending wallet is among the largest holders of Shiba Inu, maintaining over 7 trillion SHIB, which accounts for about 0.73% of the total supply.

Meanwhile, the receiving address appears to be relatively new, with this transfer being one of only two transactions recorded.

The other transaction was a small test transfer of 100,000 SHIB received earlier the same day.

As of now, the receiving wallet retains the entire amount, suggesting the transfer might simply be an internal fund movement rather than a sale impacting the market.

Further analysis revealed that both addresses are linked to the digital asset firm BitGo, supporting the idea that this was an in-house adjustment with no substantial market effect.

Market Context
The timing of the transfer aligns with a general market consolidation after a recent bullish trend.

Shiba Inu has seen a 7.76% decline in the last 24 hours, trading at $0.00002368, having dropped 24.25% from its weekly high of $0.00002943.

However, it remains up 22.81% over the past week, recovering from a low of $0.00001926.

Despite the recent downturn, there are still optimistic sentiments within the Shiba Inu community.

Lucie, the marketing lead for Shiba Inu, speculated that the next price target could be $0.00006861, which would represent a significant increase of approximately 190% from the current levels.

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Also Read: Analyst Now Predicts A 5,000% Rally For SHIB

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Frank Nez

Frank Nez is an American retail journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

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