According to on-chain statistics from Etherscan, there has been a significant movement of about one trillion Shiba Inu (SHIB) tokens recently. Significantly, 925 billion SHIB tokens were transferred to an unidentified wallet that was allegedly connected to Coinbase Prime Custody. With the current SHIB price of $0.0000088, the total value of this transfer is $8.16 million.
This large transaction happened in the previous three hours and is significant for investors and traders on SHIB. Given that the Shiba Inu token has been experiencing a consistent downward trend over the past several weeks, the current price of $0.0000088 is a significant turning point. Market watchers’ attention is currently focused on the token’s capacity to maintain this level in the current market environment.
Since the transfer, the receiving wallet—which appeared as though out of nowhere—has not displayed any more activity. The stored SHIB tokens are not moving at the moment, which has led to conjecture in the cryptocurrency world over the possible ramifications of this movement of nearly a trillion dollars.
Where will SHIB price go?
The community is closely watching the situation as the Shiba Inu token is poised to make a pivotal choice. More optimism might emerge if the token maintains its value around $0.0000088 and the market circumstances improve.
On the other hand, a violation of this crucial support level can cause more drops and a change to the token’s price digit.
It is yet unclear how significant this large SHIB move is in light of the state of the market.
