Shiba Inu, BONE Price Drop Incoming? This Might Be The Reason

Shiba Inu (SHIB), the second-largest meme coin in the crypto market, has gained lots of attention lately. With the Shibarium portal going live and the burn rate reaching new heights, investors are hoping for a massive price rally. But, according to Lookonchain, a blockchain surveillance resource, this dream might not come true.

A Wallet Transferred 182 Billion SHIB Tokens

Through its official Twitter handle, Lookonchain reported that a Smart Money wallet has moved 182 billion Shiba Inu (SHIB) tokens worth $2.3 million to Crypto.com and Gemini today. These two transactions marked the first SHIB transfers from this address since the beginning of this year.

“A SmartMoney we shared before transferred 182B $SHIB ($2.3M) to #Cryptocom and #Gemini just now.

The last time he transferred $SHIB to #Cryptocom dropped the price of $SHIB by 7%.

— Lookonchain (@lookonchain) February 27, 2023

In the same tweet, Lookonchain highlighted the transfer of 200 billion SHIB to Crypto.com from this Smart Money wallet that took place on December 20, 2022. Notably, five hours after the transaction, the Shiba Inu price dropped by 7%.

Shiba Inu Price Will Drop?

Smart money wallets often do this to buy SHIB when the price is low and sell at a higher price later. For doing so, they keep an eye on other investors and traders to gain necessary clues about market trends and direction.

However, Shiba Inu has witnessed a 1.36% upsurge in the past 24 hours. The meme cryptocurrency is trading for $0.00001265, down 7.45% in the past week. On the other hand, Bone ShibaSwap (BONE)’s price today is $1.82 with a 24-hour trading volume of $20,343,604 (up 58.46%), and a market cap of $418,025,165. The BONE price decreased more than 4% in the last 24 hours.

Also Read: Lido DAO Breaks Daily Inflow Record; How Are ETH Stakers Affected?

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