A SHIB whale movement was spotted earlier today, moving over 4.6 trillion Shiba Inu tokens from the Bitvavo crypto exchange. The staggering amount transferred has caused intrigue and speculation within the Shiba Inu community.
Meanwhile, this comes shortly after a significant amount of SHIB tokens were withdrawn from the Bitvavo exchange in the last 24 hours. According to data from WhaleAlert – a dedicated blockchain tracker platform, about 4,615,530,677,374 (4.6 trillion) SHIB tokens were transferred from Bitvavo to an anonymous wallet.
This number equates to about $35.7 million at press time. Further examination of the data reveals that the “unknown wallet” is in fact a new address associated with the Amsterdam-based exchange.
— Whale Alert (@whale_alert) September 4, 2023
Meanwhile, according to data from Arkham Intelligence – a crypto intelligence platform, the confirmed wallets on the Bitvavo exchange currently hold a total of 249.8 billion SHIB (equivalent to $1.92 million). Even though Bitvavo occasionally uses anonymous wallets for transactions, the exchange still holds a significant amount of Shiba Inu tokens.
What’s interesting is that large amounts of cryptocurrencies have been moved from the Bitvavo exchange to other wallets recently. 36crypto previously reported that almost 430 million XRP tokens were transferred from the exchange to unknown wallets.
Speculations have begun to circulate within the crypto community with some saying that these tokens are being sold off. However, it is worth knowing that these lump of tokens remain in these unknown wallets without any evidence of being sent to other crypto exchanges for the purpose of liquidation.
Consequently, this can be interpreted as a sign of storage and redistribution rather than a perceived sell-off. Even though the significance of these movements on the price of SHIB is yet to be seen, the Shiba Inu community is patiently observing what this holds for the future of the project.
Shiba Inu Price reaction
With the current significant movement of Shiba Inu between crypto exchanges and wallets, the price of Shiba Inu will likely be impacted within a short time. According to live data from CoinMarketCap, SHIB is currently trading at $0.000007. with a 24-hour trading volume of $87,184,328 ($87 million). Furthermore, the price of Shiba Inu is down 1.37% in the last 24 hours. Finally, Shiba Inu is ranked #16 on the global crypto market chart with a live market cap of $4,520,158,324 ($4.5 billion).
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