Over twelve billion units of Shiba Inu (SHIB) coins listed on a significant European cryptocurrency exchange.
Hot Transfer Alert: 12 Billion Shiba Inu Moves to Bitvavo
Europe's top crypto exchange, Bitvavo, just got a massive 12 billion Shiba Inu (SHIB) - worth around $160,800 - in a recent transfer. The big question is, was this just a shift or something more?
The transfer was tracked by Arkham Intelligence from a wallet loaded with over $1.48 million in crypto, almost entirely SHIB. If this seems normal, think again. The wallet that received a whopping 120 billion SHIB (worth $1.45 million at the time) from a Coinbase Prime account a month ago has now sent out a tenth of that amount. But here's the twist - it wasn't sent to another cold storage but directly to Bitvavo's hot wallet.
SHIB's Price Soars 3,084% and 25 Million SHIB Burnt
As if that wasn't exciting enough, there's more to the Shiba Inu story. SHIB's key metric skyrocketed 3,084%, while 25,730,100 SHIB were burnt. Now, let's take a look at how SHIB's price has been performing and what the transfer to Bitvavo might mean for the market.
SHIB's price dipped about 2.2% over the last 24 hours, trading around $0.0000136. However, it's crucial to examine the broader context. Just hours ago, the meme coin showed some impressive growth, even breaching $0.0000137 before plunging back down.
The sudden surge in outbound volume and its specific destination - Bitvavo - doesn't happen by chance. The timing is spot-on, right when SHIB's chart hits short-term resistance. But was this move intended to counter a reversal or simply to test liquidity? Either way, it could significantly impact market flow.
Interestingly, other whale wallets have recently exhibited similar unloading behavior, though few with this level of transparency or timing precision. Is this the first domino in a larger liquidation event or part of an asset rotation strategy? Only time will tell.
What's Next for Shiba Inu?
With 12 billion SHIB now in Bitvavo's books, we might see some price pressure. If Bitvavo's books absorb these tokens, downward pressure could arise. However, if they remain untouched, it could be just a reshuffling. But in a market like this, timing seldom lies.
One transfer, one whale, 12 billion tokens. What's next for Shiba Inu? Keep your eyes peeled on the SHIB price and exchange inflows/outflows for directional cues.
- The massive transfer of 12 billion Shiba Inu tokens, worth approximately $160,800, from an unknown source to Europe's top crypto exchange, Bitvavo, has sparked speculation about the motive behind it.
- The wallet that sent the 12 billion SHIB tokens to Bitvavo also received a staggering 120 billion SHIB (worth around $1.45 million at the time) from Coinbase Prime a month ago.
- The sudden transfer of a large portion of the tokens to Bitvavo's hot wallet, rather than another cold storage, has raised questions about the intention behind the move.
- The transfer occurred just as SHIB's price chart hit short-term resistance, leading some to believe it could be an attempt to counter a potential price reversal or test liquidity.
- Other whale wallets have recently shown similar unloading behavior, although not with the same level of transparency or timing precision as this transfer.
- The lacking information about the identity of the whale and the purpose of the transfer makes it difficult to determine whether this is the beginning of a larger liquidation event or merely an asset rotation strategy.
- As Bitvavo now holds 12 billion SHIB tokens, the possibility of price pressure exists if these tokens are not absorbed by Bitvavo's books, leading to potential downward pressure on the SHIB price.
- Keeping a close eye on the SHIB price and exchange inflows/outflows can provide valuable directional cues for determining the future of Shiba Inu in the crypto market.
