A Shiba Inu Whale Moved $31.7M Worth SHIB In A Massive Transaction. Here's Where The Crypto Went.

Blockchain-tracking service Whale Alert reported on Friday that an unknown crypto whale moved a total of 4,000,379,151,023 Shiba Inu (CRYPTO: SHIB) worth $31.7 million from Shiba Staking to the crypto exchange Binance.

4,000,379,151,023 #SHIB (31,709,005 USD) transferred from Shiba Staking to #Binancehttps://t.co/eqntWcrNf0

— Whale Alert (@whale_alert) June 9, 2023

In March, nearly 25 trillion SHIB worth a quarter of a billion dollars were securely moved off one of the crypto exchanges and placed in cold storage, according to new on-chain data.

According to a report by IntoTheBlock, 89% of SHIB holders are sitting on losses, 3% are profitable, and the remaining 8% are breaking even. The report also revealed that 69% of SHIB holders have held onto the cryptocurrency for over a year, 28% for a year or less, and 3% for less than one month.

Also Read: Shiba Inu Becomes Most Traded Token Among Largest Ethereum Whales: Here's How Much SHIB They're Holding

In May, over a million SHIB addresses experienced losses in the crypto market, and more than a third of these addresses, approximately 363,670 wallets, had purchased the SHIB token within the price range of $0.000009 to $0.000014. 

SHIB's much-hyped new layer-2 scaling solution, Shibarium, has now seen over a million transactions over Puppynet, Shibarium's testnet. 

The PuppyScan.Shib reported that Shibarium's beta version has 16.7 million wallet addresses using Shibarium and is currently experiencing 536,181 daily transactions.

The popular meme asset recently unveiled a trailer for its highly anticipated Rocket Pond metaverse, which will be set in a land-based environment.

At the time of writing, SHIB was trading at 0.06536, down by 25% in the last seven days. 

Now Read: Is Shiba Inu (SHIB) A Good Investment

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