2,884,590,622,344 Shiba Inu Moved to Unknown Wallet: Here’s What’s Happening

Popular crypto tracking service Whale Alert has called public attention to a large movement of Shiba Inu tokens from the Turkish exchange BtcTurk to an unknown wallet.

Whale Alert indexed the transaction yesterday, revealing that a whopping 2,884,590,622,344 (2.88 trillion) Shiba Inu tokens were withdrawn to an anonymous wallet from BtcTurk at 16:23 (UTC).

The transaction was valued at $65.7 million at the time, attracting the attention of Shiba Inu community members.

Shiba Inu Investors React

As expected, the transaction elicited reactions from SHIB proponents, with many investors seeking to know the user’s identity and rationale behind the transaction.

Some speculated that the transaction was initiated by a crypto whale who chose to move their SHIB holdings from the Turkish exchange in anticipation of a potential price surge.

However, others believe the movement was for security purposes. This is because storing crypto assets in personal blockchain wallets is safer than keeping them on exchanges.

BtcTurk Provides Clarity

Amid this debate, BtcTurk clarified that it initiated the transaction as part of its routing wallet optimization efforts. For context, crypto exchanges usually move their assets between wallets for several reasons, ranging from security purposes to operational efficiency.

Since these transfers are on-chain, they mostly appear as large crypto transactions on the blockchain, with tracking services like Whale Alert indexing them on X.

Earlier this year, The Crypto Basic reported several in-house SHIB transfers relating to Robinhood. They include the movement of 2.7 trillion SHIB and another shuffling of 3 trillion tokens.

BtcTurk’s transfer of 2.88 trillion Shiba Inu tokens is similar to the aforementioned transactions on Robinhood. Furthermore, the Turkish exchange emphasized that it is in control of the transfers, dismissing any concern of suspicious activity.

These transfers are part of our wallet optimization efforts. They are fully managed by us, and there is nothing out of the ordinary.

— BtcTurk | Kripto (@BtcTurkKripto) December 25, 2024

SHIB Ranks as 3rd Biggest Crypto in BtcTurk’s Wallet

Meanwhile, data from Etherscan shows that the recipient wallet, which initiated its first transaction two days ago, currently holds 2,984,691,196,812 (2.98 trillion) SHIB, worth $66.49 million.

This positions Shiba Inu as the third biggest asset in the wallet behind Pepe (PEPE) and Ethereum (ETH).

In the meantime, Shiba Inu is trading at $0.0000223, reflecting a decline of 4.11% over the past day. SHIB is also down 7.69% in one week and 11.48% in one month.

This decline aligns with a broader correction across the crypto market. Amid the global market cap drop by 0.93% in the last 24 hours, now standing at $3.4 trillion.

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