Unexpectedly, a significant transaction for $3.87 million involving 419.873 billion Shiba Inu (SHIB) tokens was carried out by an undisclosed prominent investor. Etherscan examined the blockchain activity and found that, in the last three hours, a significant amount of SHIB moved quickly from address “0xecfB” to address “0xd37”. Both places are still unknown, which heightens the mystery surrounding an already intriguing move.
This transfer is made more complicated by the Shiba Inu tokens’ origin. First found in a sender address linked to Coinbase Prime Custody, the transaction suggests an institutional origin, consistent with Coinbase’s custody solution’s methodology.
Is bottom in for Shiba Inu (SHIB) price?
The dynamic price action of the token is the backdrop against which this large SHIB movement is taking place. After a protracted decline that lasted more than 36 days, the SHIB price is now down 20.5% from its peak one month ago, at $0.0000092. Even with this decline, indications of a possible market turnaround have surfaced, as vigorous buybacks point to a possible short-term bottom for the Shiba Inu coin.
Still the primary attraction, though, is the unexplained transfer of around 420 billion SHIB tokens. The mystery surrounding this significant transaction gives an interesting dimension to the story as the SHIB price tries to recover the much-desired $0.00001 barrier. A rebound over $0.00001 is conceivable, according to commentators, if the SHIB price is able to stabilise around its present level.
Investors are anticipating more information with great eagerness, as the 420 billion SHIB move remains a mystery.
