Data shows that a Shiba Inu whale has withdrawn 1.7 trillion SHIB from crypto exchange Huobi, which could prove bullish for the price of the crypto.
1.72 trillion SHIB left cryptocurrency exchange Huobi in the last day
According to a tweet from crypto transaction tracker Whale Alert, a user has transferred 1.72 trillion SHIB from crypto exchange Huobi to an unknown wallet, possibly a personal address.
The Shiba Inu withdrawal transaction became almost $19.4 million at the time it took place, but since then the value of that stack of coins has dropped to just under $19.1 millions of dollars. These large transactions usually belong to a single whale or an entity made up of several investors.
In general, whales make an exchange outflow transfer to their personal wallets for accumulation purposes (whereas deposits can be for dumping). This buying pressure in the market can have a bullish effect on the price of memecoin.
Just yesterday, Shiba Inu’s first trading card game, Shiba Eternity, was released on global mobile platforms for users to download and play. Many had wondered what effect the launch might have on sentiment around crypto.
This latest Whales transfer coming right after the game is available could be a sign that the Whales still see value in storing their SHIB trades outside.
Shiba Inu Price and Market Cap
The price itself, however, has yet to show any significant strength. Rather, it’s down more than 2% over the past 24 hours, with memecoin trading around $0.00001106 at the time of writing..
Here is a chart showing the value trend of its crypto cousin Dogecoin over the past five days:
The value of the crypto seems to have fallen off during the last couple of days | Source: SHIBUSD on TradingView
As you can see from the chart above, Shiba Inu’s price peaked at $0.00001172 a few days ago as the game’s release approached, but has been steadily falling ever since.
However, memecoin’s weekly losses are still only 1%. Monthly returns are a different story; SHIB is down more than 8% over the last 30 days.
In terms of market capitalization, Shiba Inu has continued to hold the fourteenth place on the top crypto list, as shown in the table below.
Looks like the coin is just below Dai right now | Source: CoinMarketCap
In the table, it is clear that the competing memecoin, Dogecoin, is five places above SHIB at the moment.
Featured image from Ferhat Deniz Fors on Unsplash.com, charts from TradingView.com, CryptoQuant.com