- Shiba Inu (SHIB) recently experienced a significant sell-off from a dormant wallet.
- This event has raised questions about the future exchange flow of the memecoin.
- A noteworthy detail is the 419-fold gain achieved by the wallet owner.
Shiba Inu whale moves 48B tokens; SHIB’s price reacted by…
Massive Sell-Off by Dormant Shiba Inu Wallet
In a surprising move, a Shiba Inu (SHIB) whale wallet that had been inactive for over three years sold off its entire holdings. This transaction has not only caught the attention of the crypto community but also led to a substantial profit for the wallet owner. Originally, the wallet bought 48.09 billion SHIB in 2021 using 2 ETH, valued at approximately $2,625. On May 27th, the wallet sold all its holdings for 278.7 ETH, worth around $1.1 million, resulting in a remarkable 419-fold gain.
Impact on Shiba Inu Exchange Flow
An analysis by AMBCrypto revealed a significant inflow of Shiba Inu on May 27th, amounting to 510 billion SHIB. This indicated that there were other large outflows aside from the 48 billion SHIB sold by the whale wallet. Although this wasn’t the highest recent inflow, it was among the top. Conversely, the outflow analysis showed that 236 billion SHIB were moved out of exchanges on the same day, indicating that more SHIB were sold than bought. At the time of writing, the inflow stood at approximately 45.7 billion SHIB, while the outflow was over 57.1 billion SHIB. This resulted in a net exchange flow balance of around -11.4 billion, meaning more SHIBs were withdrawn from exchanges than sold.
SHIB’s Price Trend Amid the Sell-Off
Despite the sell-off, SHIB’s trend has remained positive. A daily time frame analysis showed that Shiba Inu has experienced several downtrends recently. However, it has stayed above its short Moving Average (yellow line), indicating that its overall price trend is not entirely negative. According to AMBCrypto’s analysis, the whale’s sell-off occurred when SHIB experienced an uptrend, closing 4.81% higher on May 27th. Despite a decline of over 2% at the time of this writing, SHIB was still trading above the yellow line.
Conclusion
The recent sell-off by a dormant Shiba Inu wallet has led to significant movements in SHIB’s exchange flow and price trend. While the whale’s transaction resulted in a substantial profit, it also raised questions about the future of SHIB in the market. Despite the sell-off, SHIB’s trend has remained positive, indicating resilience in the face of large-scale transactions. Investors and traders will be closely watching how SHIB’s exchange flow and price trend evolve in the coming weeks.
