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The Rise and Fall of Shiba Inu Coin

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According to the report, the data quoted by Lookonchain, an analysis company, showed that more than 182 billion SHIBs with addresses beginning with (0xd6) will…

The Rise and Fall of Shiba Inu Coin

According to the report, the data quoted by Lookonchain, an analysis company, showed that more than 182 billion SHIBs with addresses beginning with (0xd6) will be transferred to Gemini and Crypto.com. Three months ago, more than 200 billion SHIBs of the same wallet were transferred to Crypto.com and sold in US dollars. At that time, the market price fell by 7%.

The addresses beginning with 0xd6 will transfer more than 182 billion SHIBs to Gemini and Crypto.com

Interpretation of the news:


Shiba Inu Coin (SHIB) is an upcoming digital currency with a market capitalization that has grown immensely in the past year. The SHIB token gained significant popularity due to Dogecoin’s success, and the meme-inspired currency is now one of the most traded coins worldwide. However, recent reports indicate that investors of SHIB should be wary of the future of the token, as the currency’s market value has been seen to fall sharply.

According to a report by analysis company Lookonchain, SHIB investors are transferring more than 182 billion SHIBs, with addresses beginning with (0xd6), to two leading cryptocurrency exchanges, Gemini and Crypto.com. This news has raised concerns amongst SHIB investors, as it is unclear what the reason for the transfer could be. Three months ago, a similar transfer of more than 200 billion SHIBs from the same wallet was made to Crypto.com, resulting in the selling of the tokens in US dollars. This transaction contributed to the downfall of the token’s market value, as it dropped by 7%.

The transfer of SHIB tokens by investors to two of the most massive cryptocurrency exchanges could lead to an increase in selling pressure, causing a further dip in the coin’s value. The SHIB token had been on the rise due to its growing popularity; thus, the news comes as a significant setback. SHIB investors should brace themselves for a possible repeat of the preceding downturn, which was caused by a similar transfer.

The transfer of SHIB tokens calls to attention the age-old wisdom of ‘not putting all your eggs in one basket.’ Investors should remain wary of SHIB’s fluctuations in the market, and ensure diversification in their investment portfolios. Nevertheless, the SHIB community remains vibrant, and the token has a committed following, indicating a ray of hope in the future of the meme-insipred coin.

In conclusion, SHIB investors transferring over 182 billion SHIBs with addresses beginning with (0xd6) to Gemini and Crypto.com is a significant development that raises questions regarding the future of the token. Although the intentions for the transfer remain unknown, history shows that previous transfers have negatively impacted the SHIB token’s market value. Therefore, investors should remain mindful of diversification and prepare for possible fluctuations.

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