BlocksInform
A large wallet on the Ethereum blockchain holding a substantial amount of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has transferred over 180 billion tokens to two cryptocurrency trading platforms in a move that could lead to a short-term decline in the value of SHIB.
Based on cryptocurrency analytics company lookonchain, a portfolio marked with its initial, 0xd6, moved more than SH182 billion inu to two scholarships: gemini and crypto.com, in early Asian morning hours of the week.
The cryptocurrency whale, like outside, has in the past moved a lot of chips. End of last year, he moved more than 200 billion shib to crypto.com, in a deal that preceded a 7% drop in the price of cryptocurrency inspired by memes.
The wallet, chain-linked data shows, currently holds more than S$3.1 trillion, currently worth more than $40 million, and represent only slightly more than 0.3% of the total cryptocurrency offer of meme inspiration.
Additional holdings in the whale portfolio include $3.9 million in ether chips, $368,000 for the original trail, Three hundred and sixty thousand in bones, $330K mesh ($link) and more than $200K loop ($lrc), with other small farms.
The whale, lookonchain reported that it purchased 15.2 billion shib with only 10 eth in August 2020, and made more than 1.960 eth through the purchase and sale of cryptocurrency on decentralised uniswap exchange.
2/ The SmartMoney bought 15.28T $SHIB with 10 $ETH ($3,796) on August 7, 2020.
Then he made ~1,967 $ETH (~$7M) by buying and selling $SHIB#Uniswap. pic.twitter.com/OaKyDnPYOX
— Lookonchain (@lookonchain) December 20, 2022
When the cryptocurrency of meme inspiration was listed on centralized exchanges such as BINANCE and Coinbase, the whale began trading there. Per lookonchain, if the whale buys shib at its price, and sell it at a price he transfers from his portfolio, it made profits of approximately $85 million.
By analysts, the whale has always been the purchase shib when its price is low, and the sale when its price goes up. While the movement of these shib tokens can lead to short-term price declines, they reveal little about the long-term prospects for cryptocurrencies.
The movement of the whale occurs shortly after another whale has moved more than 91 billion tokens, while the movement of these tokens could result in price decreases in the near term, the long-term prospects for cryptocurrencies and the challenge continues to be positive.
Notably, most Shiba Inu investors have shown they aren’t planning on selling en masse, as the median time that users on COINBASE hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address has surpassed the 230-day mark.
The number of Shiba Inu holders has been growing ahead of the expected launch of Shibarium. This next layer 2 solution aims to improve the shiba inu ecosystem by offering faster and cheaper transactions, among other important improvements. However, there are still a lot of issues around liberation and the usefulness of shibaryum.
Shibarium will collaborate with ethereum to handle transactions about the shibarium ecosystem. It will take a significant portion of the transaction load that the shiba inu ecosystem currently brings on ethereum to treat on the shibarium chain.
In addition, layer 2 will remove the circulation tokens to reduce the offer and help increase the price. It's called a token burning mechanism, where tokens are sent to portfolios that can only receive tokens, but not send them, also known as dead wallets. Shibarium will burn $SHIB and will need $BONE for transactional purposes.
