ETH Whales Move Close to 500 Billion Shiba Inu Amidst Downtrend: What's Happening?

Amidst one of the strongest corrections on the cryptocurrency market, some whales have strategically increased their holdings, specifically accumulating Shiba Inu (SHIB). Whales have shown a growing interest in Shiba Inu amidst the ongoing memecoin frenzy, but the picture is complex. An unknown Shiba Inu whale started buying the dip, accumulating over 500 billion SHIB tokens.

However, not all whale activity is bullish. In the last 24 hours, some whales have offloaded huge amounts of SHIB tokens, pushing the asset further into the red zone. Crypto analytics firm Lookonchain flagged this significant sale activity, indicating a divergence in whale sentiment.

Key Whale Transactions: Bullish and Bearish

One notable transaction involves an ETH whale wallet named “Gimli,” which single handedly added 386 billion Shiba Inu in two transactions. The purchase cost the whale around $4.06 million, suggesting a bullish outlook from this particular investor. Just yesterday an ETH whale made massive movements of Shiba Inu. The Ethereum wallet address 0x cf40e8dd9b1bdd ec3c9557c sent a whopping 442,637,867,858 SHIB worth $11,969,061 to the wallet.

On the other hand, a Shiba Inu Whale recently moved 499.6 billion SHIB worth 4.24 million USD to the Hotbit crypto exchange. After seven and a half months of laying dormant, the whale woke.

Massive SHIB Transfers and Market Impact

In the last 24 hours, Shiba Inu whales moved a staggering 15.1 trillion SHIB tokens, valued at approximately $253.05 million. This large-scale SHIB transaction has caught the market’s attention. Further highlighting the significant whale activity, a wallet labeled GnosisSafeProxy moved 3.36 trillion SHIB worth $51.15M to an unknown address.

What’s Next For Shiba Inu Amid Whale Transfer Of 3.36T Tokens? The question now is: what's next for Shiba Inu as these large-scale whale movements continue to influence market dynamics?