Shiba Inu Investor Transfers Tokens to Exchanges, Possibly Foreshadowing Price Drop

A crypto wallet holding a large amount of shibtoken ($SHIB) tokens is moving funds to exchanges, with historical data by lookonchain suggesting a short-term decline in prices may ensue if the holder sells the tokens. By shauryamalwa

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 are sold, the price might decline as greater supply is available to the market. If, however, the tokens are moved to relatedEtherscan data shows the wallet 0xd6 holds over 3.1 trillion shiba inu tokens, valued at almost $40 million at current prices. This is slightly over 0.3% of the total shiba inu token supply.

Lookonchain said the wallet acquired shiba inu tokens in August 2020 with an initial investment of 10 ether, or just over $3,000 at the time.

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