Last updated on May 18th, 2024 at 12:13 pm
A whopping transaction carrying almost 800 billion SHIB tokens has been spotted moving from a major cryptocurrency exchange to an anonymous wallet.
In a recent development, a mouthwatering transaction involving Shiba Inu has left the community in shock and speculation. WhaleAlert, an on-chain transaction tracker, revealed that it had spotted a very large amount of the meme coin changing hands.
According to the report, exactly 766,478,691,679 Shiba Inu tokens (worth $6,733,898) were transferred from the Amsterdam-based cryptocurrency exchange, Bitvavo to a mysterious wallet.
🚨 766,478,691,679 #SHIB (6,733,898 USD) transferred from #Bitvavo to unknown wallethttps://t.co/arIDkhRkhN
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— Whale Alert (@whale_alert) January 25, 2024
Additionally, it was the second time a transaction carrying SHIB tokens of that size has been recorded in the last 24 hours initiating an abnormal whale activity.
This significant withdrawal—which might appear to be a purchase—was made on Tuesday during the SHIB price’s 7.16% rebound. Since then, the price has been moving within the $0.0000089 region as it attempts to overcome the $0.000009 resistance level.
Mysterious buyer revealed
Meanwhile, further investigation has revealed that the wallet address that received the aforementioned amount is also connected to the Bitvavo exchange. Therefore, it means that the transaction is in-house.
Staggering amounts of Shiba Inu tokens have been exchanging hands over the last day. In a previous report, it was disclosed that almost 1 trillion SHIB tokens were transferred to unknown wallets allegedly associated with Coinbase Prime Custody according to data from Etherscan.
At the time of the transfer, the total value of the asset stood at $8.16 million. The significant transfers took place in the space of 3 hours and happened at an important moment for SHIB investors and traders.
The potential effects of these transactions are yet to be seen. However one might keep an eye out for a short-term change if this continues.
Shiba Inu (SHIB) price today
Source: Coinstats
According to data from Coinstats, the price of SHIB today is $0.0000089 representing a 2.15% increase in the last 24 hours. What is more, Shiba Inu has a 24-hour trading volume of $90,037,007 ($90 million) and a live market cap of $5,304,490,806 ($5.3 billion).
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.