Shiba Inu whales have continued to move substantial amounts of SHIB tokens, recently transferring 22.3 billion tokens worth over $150K within ten minutes.
Arkham Intelligence’s blockchain analytical resource spotlighted the two transactions barely an hour ago. Notably, the first movement saw an inflow into wallet 0xecc. This recipient’s wallet came alive over a year ago but had been dormant since Oct. 3.
The wallet suddenly began accumulating millions of dollars worth of crypto assets today, including 399.9K USDC, 1.35 million USDT, and 42 Bitcoin (BTC). One of the latest transactions on the address involved an inflow of 11.19 billion SHIB tokens at 12:58 today (UTC).
Address 0xecc immediately began offloading the crypto tokens shortly after receiving them. This pattern also affected its SHIB holdings. The 11.19 billion Shiba Inu tokens were transferred to wallet 0x05f at 13:06 (UTC) today. Notably, 0x05f is a new wallet activated two days ago.
Despite being a new wallet, the address has now amassed $6.55 million worth of seven crypto assets. Its holdings include 1,130 ETH worth $1.76 million, $1.8 million in USDT, and $75K+ in Shiba Inu. The address has not sent out any assets as of press time.
The reason behind these inflows remains unknown at the time of reporting. However, movements such as these could stem from an exchange’s desire to shuffle its funds or intent from Shiba Inu whales to transfer their holdings to a cold wallet for long-term HODLing.
A Pattern Among Shiba Inu Whales
These transactions have recently become common among Shiba Inu whales. On Oct. 6, The Crypto Basic revealed that a new whale address amassed 4.5 trillion SHIB at $0.000007227 per token. One of the Shiba Inu whales accumulated 4.6 trillion SHIB on Oct. 11.
Amid the uncertainty surrounding these whale movements, Arkham Intelligence data suggests a bullish pattern observed with Shiba Inu movements today. Notably, whales have continued moving their SHIB tokens out of exchanges today.
Interestingly, whales, sharks, and shrimps have moved over 736.9 billion worth $4.95 million out of exchanges today. In addition, over the past week, Shiba Inu has witnessed more outflows from exchanges than inflows despite the price drop that has triggered investor angst.
Meanwhile, Shiba Inu remains at the mercy of the bears, with a 2.05% decline over the last 24 hours. SHIB is trading for $0.00000670 at the reporting time, on the brink of recording a third consecutive intraday decline. The asset sees a 5.81% increase in 24-hour volume to $81.3 million.
