According to cryptocurrency tracker Whale Alert, trillions of Shiba Inu (SHIB) tokens were moved from Amsterdam-based cryptocurrency exchange Bitavo to an unknown wallet within the network. 4.5 trillion SHIB tokens worth about $33.1 million moved out of the exchange, relieving selling pressure on SHIB longs.
As of now, it is unclear to whom the wallet belongs. There is a possibility that the wallet belongs to the exchange itself, and the company is moving its assets. There is also a possibility that the wallet belongs to the SHIB whale who is bullish on memecoin.
Although the token leaving the exchange is a positive sign, the price of Shiba Inu (SHIB) continues to struggle. The token is currently down 2.5% from the previous week and 7.2% from the previous month. Moreover, SHIB has been struggling to break above the $0.000008 level since September 1st. In fact, aside from a brief spike in August, SHIB has been on a downward trajectory for most of 2023.
Shiba Inu's online activity surges
Despite the poor market performance, SHIB's daily active addresses have increased significantly. According to IntoTheBlock data, SHIB's daily active addresses increased by 198% last Sunday. Although it is too early to draw conclusions, the surge in daily active addresses may be a sign that a rebound is coming.
However, IntoTheBlock data shows that SHIB's large transactions have fallen by 2.46%, while profit holders have fallen by 1.49%. As of press time, a whopping 89% of Shiba Inu (SHIB) holders are in the red. Only 9% are profitable, while 2% are flat. The decline in large transactions is a bearish sign, especially considering that 77% of SHIB's supply is held by large wallets.
As of press time, SHIB is trading at $0.00000718, down 0.6% in the past 24 hours. #BTC #ETH
