According to Whale Alerts on-chain analysis, nearly $65 million worth of Shiba Inu (SHIB) has been moved between unknown wallets for three transactions. A total of nearly 6 trillion SHIB tokens were moved in the three transactions.
At the time of writing, the identity of the wallet holders is still unknown. It is possible that an exchange is behind the move and is moving around its reserves. It is also possible that an individual or a group of individuals is behind the mass move. Perhaps the end of the financial year plays a role in the movement.
Nevertheless, the Shiba Inu (SHIB) tokens have not yet moved to an exchange, which is a positive sign. Tokens moving to exchanges increase the likelihood of them being sold. However, since the tokens are still held in wallets, you don’t have to worry about a sale.
The movement of the SHIB tokens comes just before the project plans to launch its Layer-2 network, Shibarium. While the team has not given an exact launch date, the community expects the mainnet to go live very soon. The movement of the tokens can anticipate the imminent launch.
How does Shiba Inu price react?
The popular cryptocurrency is currently down 5.9% in the past 24 hours and 0.2% in the past seven days. Shiba Inu (SHIB) is currently facing resistance at $0.00001137 while support is forming at $0.00001050. If SHIB can break its current resistance levels, it could face new resistance at $0.00001169.
However, SHIB is currently experiencing a slowdown in growth as there is not much pressure for the token adoption other than news about Shibarium. The testnet for the upcoming Tier-2 has seen many users come on board. The testnet has already seen more than 200,000 wallet addresses. In addition, as revealed by SHIB developer Shytoshi Kusama, about 500 people have expressed interest in becoming Shibarium validators. At the time of the press was Shiba Inu (SHIB). trade at $0.00001070, up 0.3% in the past hour.