Three Unknown Wallets Moved 6.08 Trillion Shiba Inu To Coinbase

Three unknown wallets have mysteriously moved 6.08 trillion Shiba Inu valued at $65.44M to Coinbase, causing the price of Shiba Inu to drop significantly.

Data from Etherscan.io shows that all three wallets are now left with zero balance.

According to Whale Alert, the three transactions occurred at intervals of minutes from each other. Investors King understands that tokens sent from a cold or unknown wallet to an exchange are often intended to be sold. 

Although, sometimes it might also be wallet reshuffling by whales or exchanges, albeit on very rare occasions.

As of the time of writing this report, the meme sensational token, Shiba Inu, is trading at $0.00001074, down by 4.52% over the past day in line with current market declines, data from the Binance platform reveals. 

A critical look at the transactions shows that the first transaction had a quantity of 1.9 trillion Shiba Inu with a worth of $20.5 million while the second transaction had 2.2 trillion Shiba Inu with a worth of $24 million. The third transaction had 1.9 trillion Shiba Inu with a worth of $20.5 million. 

About Shiba Inu (The Dogecoin Killer)

Shiba Inu (SHIB) is a meme coin that was created in August 2020. Despite its novelty, SHIB has quickly gained popularity and has even been dubbed the “Dogecoin Killer” by its enthusiasts otherwise known as the Shiba Army.

Shiba Inu has the aim to compete with Dogecoin which has the endorsement of Tesla CEO, Elon Musk. According to data from Binance, Shiba Inu (SHIB) was one of the top three most-watched cryptocurrencies in 2022.  

The success of Shiba Inu has sparked an avalanche of copycats, such as BitShiba, Shiba Fantom, Shibalana, King Shiba, SHIBAVAX, Captain Shibarrow, SHIBA2K22, SpookyShiba and countless others. In total, there may be well over 100 Shiba Inu copies, and the number keeps rising constantly.