Over 12 billion Shiba Inu (SHIB) tokens make a significant impact on a prominent European cryptocurrency exchange.
Catch Up on U.TODAY via Google News: $160,800 Worth of SHIB Moved to Bitvavo
A massive 12 billion Shiba Inu (SHIB), roughly equating to $160,800, has been transferred over to Bitvavo, Europe's leading cryptocurrency exchange. Tracing this movement back to its roots using data from Arkham Intelligence reveals the transfer derived from a wallet stashing over $1.48 million worth of digital assets, with SHIB making up the lion's share.
Was this a routine transaction, or was there more at play? The wallet that's been in possession of 120 billion SHIB, worth around $1.45 million at the time, which was shifted from a Coinbase Prime account a month ago, has now released only a tenth of it. And it wasn't sent off to another cold storage, but rather directly into Bitvavo's hot wallet.
Shiba Inu (SHIB) Metric Spikes 3,084% as 25,730,100 SHIB Burned Written by Yuri Molchan The Stellar (XLM) Surges 35%: What's Driving It? Entirely New Bitcoin Concept Proposed by Michael Saylor 1.5 Trillion PEPE Flees Binance as Crypto Market Flirts with RedThe inquiry now is whether this is the first domino in a larger sell-off or part of a strategic asset shuffle. SHIB's price has plummeted by approximately 2.2% over the last 24 hours, floating near the $0.0000136 mark.
Though it may seem just a marginal decrease given the figures, it's essential to widen the perspective. This meme coin had been making substantial gains merely hours ago, even touching $0.0000137 just to drop back down again.
A surge of this magnitude in outflow volume - and specifically, into Bitvavo - doesn't just happen by chance. The timing is uncannily precise, especially when SHIB's graph encounters short-term resistance.
It remains unclear whether the move was designed to thwart a downturn or merely test liquidity, but either way, it could establish a ripple effect on market dynamics. A broader overview reveals other whale wallets have displayed similar offloading actions, though none with the amount of openness or timing accuracy as this transaction.
Shiba Inu (SHIB) Positioned for a Potential 33% Rise if This Golden Cross VerifiesIf Bitvavo decides to take these tokens to their books, we might witness a price hike. If they remain dormant, it's merely a reshuffling, but as market timing seldom tells lies, this situation warrants careful attention.
A single address, a single transaction, and 12 billion tokens – so what’s next for Shiba Inu (SHIB)?
- Evidently, a sum of 12 billion Shiba Inu tokens worth around $160,800 was transferred to Bitvavo, a leading crypto exchange in Europe.
- This substantial transfer can be traced back to a wallet containing over $1.48 million in digital assets, with Shiba Inu making up the majority.
- The question arises: was this a routine transaction, or was there more at play in this case?
- The wallet holding 120 billion SHIB, worth about $1.45 million previously, has only released a tenth of it, and it wasn't sent to cold storage but toward Bitvavo's hot wallet.
- The sudden outflow volume of this size, specifically into Bitvavo, doesn't just happen coincidentally.
- Bitcoin trading, as well as other cryptocurrencies such as Shiba Inu, Stellar, and Pepe, experienced various price fluctuations recently, making it essential to monitor on-chain data and market dynamics closely.
- If Bitvavo decides to incorporate these tokens into their books, it could potentially lead to a price increase for Shiba Inu.
- With a single address, a single transaction, and 12 billion Shiba Inu tokens, one can't help but wonder about the potential implications and future movements of this meme coin in the cryptocurrency market.
