Shiba Inu whales have been seen moving a large amount of SHIB on-chain once again. These movements come at a time when the price of the meme coin is on the rise, raising concerns about whether these large holders have decided to start selling their large stacks of coins.
Shiba Inu Whales Start Moving Coins
Over the last few days, whale tracker Whale Alert has reported two large Shiba Inu transactions carrying a massive amount of coins. The first was on October 31 where a single transaction was spotted carrying over 4.47 trillion SHIB worth $35.35 million at the time.
The came a day later on Wednesday, November 1, where another transaction carrying a large amount of SHIB was recorded. This transaction was similar to the first in that it was carrying 4.46 Trillin tokens. The dollar figure was however a little lower at $33.9 million at the time of the transaction.
More Bullish Than Bearish For SHIB
Looking at the origin and destination of each transaction shows a higher tendency for it to be bullish than bearish for the coin. The first transaction was actually moved from an unknown wallet to another unknown wallet. This could suggest that the owner is moving the coins to other wallets for safekeeping.However, there is also the possibility that this was an over-the-counter (OTC) sale. Even so, such sales are carried out in a bid to not affect the market price of a coin by not dumping the coins on the open market, which minimizes the impact.
SHIB price begins recovery | Source: