Another Big Shuffle of 981 Billion Shiba Inu: Here’s What’s Happening

Leading European crypto exchange, Bitvavo has been moving a significant amount of SHIB, including a recent 981 billion token transfer.

Ethereum addresses belonging to the popular Europe-based cryptocurrency exchange Bitvavo have been involved in some eye-catching Shiba Inu transfers. Earlier this week, the exchange shuffled 4.2 trillion SHIB tokens valued at around $38 million.

Most recently, over the past 24 hours, the exchange also transferred another 981 billion SHIB (approximately $8.6 million) between two wallet addresses.

According to on-chain data, a Bitvavo wallet with the initials 0xcb6 received the amount from another address with 0xBcD as initials.

Following the initial deposit, the Bitvavo wallet shifted the funds in two tranches involving 215 billion Shiba Inu tokens ($1.89 million) and 766 billion Shiba Inu tokens ($6.74 million). The larger transfer was spotted by the popular whale transaction tracker, Whale Alert.

🚨 766,478,691,679 #SHIB (6,733,898 USD) transferred from #Bitvavo to unknown wallethttps://t.co/arIDkhRkhN

— Whale Alert (@whale_alert) January 25, 2024

Purpose Behind Large Shiba Inu Transfer by Bitvavo

While the transparent nature of blockchains makes it easier to spot large transfers such as the one involving Bitvavo, it does not provide an indication of the motive behind the transactions. However, a few options may be lined up, given the move involves a centralized cryptocurrency exchange.

For instance, the large Shiba Inu transfer may be linked to Bitvavo’s liquidity needs. In other words, the fund transfer may be used to fulfill customer withdrawal requests either for a single high-profile investor or a large group of users.

Such an outcome would be good news for SHIB investors as it means more SHIB is being taken off exchanges, making fewer tokens available for trading and potentially boosting the token’s value.

Another possibility is that the exchange was simply performing routine wallet maintenance and moved funds between addresses to improve security.

In either case, it is noteworthy for the SHIB faithful that one of Europe’s largest exchanges ($136 million in daily volume) and perhaps their customers regularly interact with the cryptocurrency.

At the time of writing, Shiba Inu is trading at $0.000008854, representing a mild 0.14% loss on the day. The cryptocurrency’s price has stabilized alongside the rest of the market after a recent sell-off and appears to be in a consolidation phase.

Source