Monday morning in Asia, wallet 0xd6 transferred over 182 billion Shiba Inu tokens to cryptocurrency exchanges Gemini and Crypto.com.
A crypto wallet with a lot of Shiba Inu (SHIB) tokens is moving money to exchanges. Historical data suggests that if the owner sells the tokens, prices will go down quickly.
- According to data provided by analytics company Lookonchain, Wallet 0xd6 transferred more than 182 billion Shiba Inu tokens to cryptocurrency exchanges Gemini and Crypto.com on Monday during the early hours of the Asian morning.
- The same wallet transferred over 200 billion SHIB to Crypto.com three months ago and sold them for USD. The price of SHIB dropped 7% at the time.
- Price activity can be gauged by following the movement of tokens from wallets that hold a significant supply. The price might fall if a lot of tokens are sold because the market will have more of them. However, prices may not immediately decrease if the tokens are moved to related DeFi applications.
- According to data from Etherscan, the wallet 0xd6 contains more than 3.1 trillion Shiba Inu tokens, each of which is worth nearly $40 million at present prices. That amounts to slightly more than 0.3% of all Shiba Inu tokens available.
- According to Lookonchain, the wallet invested 10 ether (ETH), or just over $3,000 at the time, to acquire Shiba Inu tokens in August 2020.