A cryptocurrency wallet with massive of Shibu Inu (SHIB) holdings has moved funds to alternate exchanges. The move could signal an impending fall in prices, should the holder sell off the tokens.
The wallet, 0xd6, has reportedly transferred over 182 billion SHIB to Gemini and Crypto.com exchanges on Monday morning, Lookonchain data revealed.
The wallet later sold roughly 200 billion of the memecoins totalling $1.67 million USD after moving them to Crypto.com. This sparked a 7 percent falling in Shibu Inu’s price.
Analysts typically track the movement of large holdings of tokens to indicate price activity. Large sell-offs of a cryptocurrency could indicate a holder flooding the market with the digital assets, indicating a major price drop in the coin’s value.
This could change if tokens are moved off custodial wallets to decentralised finance (DeFi) applications.
The news comes after reports found several wallets linked to Alameda Research reactivated in mid-February. The anonymous holder later transferred $2 million USD in FTX’s native token, FTT.
Sam Bankman-Fried, the former disgraced CEO of the bankrupt firm, transferred $684,000 USD from his wallet to offshore accounts, violating his terms of bail.
