A crypto wallet holding a large number of shiba inu (SHIB) tokens is moving funds to exchanges, with historical data suggesting a decline in prices in the short term if the holder were to sell the tokens.
- Wallet 0xd6 moved more than 182 billion shiba inu tokens to crypto exchanges Gemini and Crypto.com during Asian morning hours on Monday, data cited by analytics firm Lookonchain shows.
- Three months ago, the same wallet moved more than 200 billion SHIB to Crypto.com, selling them for U.S. dollars. SHIB’s price fell 7% at the time.
- Tracking the movement of tokens from wallets that hold a significant amount of supply can serve as an indicator of price activity. If a large number of tokens are sold, the price might decline as greater supply is available to the market. If the tokens are moved to related decentralized-finance (DeFi) applications, however, prices may not drop immediately.
- Etherscan data shows the wallet 0xd6 holds more than 3.1 trillion shiba inu tokens, valued at almost $40 million at current prices. That is slightly over 0.3% of the total supply of shiba inu tokens.
- Lookonchain said the wallet acquired shiba inu tokens in August 2020 with an initial investment of 10 ether (ETH), or just over $3,000 at the time.