Shiba Inu whale moves 741 billion SHIB – selloff incoming? Here are the details

An anonymous wallet moved a massive stash of SHIB coins for selling on the crypto exchange Binance.
Another data shows that half a trillion SHIB coins have also been staked at the same time.

On-chain data provider Etherscan recently showed that a mysterious whale has recently transferred 165 billion SHIB tokens to crypto exchange Binance.

As per the data picked by Etherscan, a mysterious wallet 0xf05e2a70346560d3228c7002194bb7c5dc8fe100 shifted a total of 164,980,505,611 Shiba Inu meme coins to a wallet that belongs to Binance. This could be, of course, to sell the massive stash of the meme crypto.

As of press time, the wallet has completely drained out all its SHIB coins. However, prior to this event, in the last 12 days, the wallet had more than a dozen incoming transactions sent in roughly 100 billion SHIB. the whale seems to have sold all of its SHIB stash that it gathered recently. The fiat equivalent of the 165 billion SHIB sold is equal to $1,997,913.

Half-a-trillion SHIB coins Staked

In addition to the whale wallet movement, Etherscan also picked up another Shiba Inu (SHIB) transaction in the last 14 hours. This means that a staggering 576 billion SHIB coins have been sent to staking pools. As per the data from Etherscan 76,095,212,376 SHIB coins were staked to Unicorn exchange. Another sum of 499,998,718,826 SHIB worth $6,055,991 has been staked to an unnamed pool.

Also, the data from the SHIB burn tracking website shows that several staking pools have staked a total of 30,037,971,864,244 SHIB so far. On the other hand, a total of 410,380,074,537,062 Shiba Inu have been removed from circulation via burning. The total number of Shiba Inu (SHIB) coins currently in the circulating supply is 559,581,953,598,693.

Amid the strong whale sell-off, the SHIB price is still trading in the positive territory at a price of $0.0000122 and a market cap of $6.7 billion. Shiba Inu was one of the top-performing cryptocurrencies during the crypto bull run of 2021. At one point in time, it also surpassed rival Dogecoin (DOGE) to become the largest memecoin by market cap.

CNBC’s Mad Money host, Jim Cramer, recently warned investors to stay away from Shiba Inu and other cryptocurrencies as the Fed prepares for rate hikes. He advised investors not to get “meme’d, SPAC’d, or crypto’d.”

Shiba Inu working on a layer-2 scalability solution

It’s no secret that the Shiba Inu team has been working on the Layer-2 scalability platform Shibarium. The goal here shall be to work on lowering the gas fees, increasing network throughput, as well building stuff around Metaverse and gaming.

Last week, Shiba Inu unveiled the first concept of its upcoming Metaverse Project WAGMI, an acronym for We’re All Gonna Make It. The WAGMI temple would create a zen-like environment such as spiritual connections to the world, calm meditation, sensation, and natural beauty.

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