Almost 800 Billion SHIB Transferred to Unknown Wallet: Why?

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Almost 800 Billion SHIB Transferred to Unknown Wallet: Why?

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.

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

Almost 800 Billion SHIB Transferred to Unknown Wallet: Why?

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 Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.