Shiba Inu Surges in Trading Volume as Top Exchange Moves Over 9 Trillion Tokens in 3 Days

Shiba Inu has experienced a substantial increase in trading volume in the past day, as reported by the community-based automated tracker, Whale Alert, of significant crypto movement.

In a tweet on Monday, Whale Alert disclosed that over 4.6 trillion Shiba Inu tokens were sent to an anonymous wallet. The market tracker highlighted that the transfer came from Bitvavo, a prominent European crypto exchange.

Specifically, Bitvavo moved 4,615,530,677,374 SHIB to an unknown wallet. The assets were worth $35,694,206 at the time of the transfer.

🚨 🚨 4,615,530,677,374 #SHIB (35,694,206 USD) transferred from #Bitvavo to unknown wallethttps://t.co/ZtTK0oWWWn
— Whale Alert (@whale_alert) September 4, 2023

Responding to this noteworthy transaction, Loch Chain, an on-chain intelligence resource, shed light on the mysterious recipient’s wallet. The platform hinted that this particular wallet is a new wallet, as no prior transactions are associated with it.

Notably, while Whale Alert called the receiving address an unknown wallet, data from the blockchain explorer confirmed the wallet is a Bitvavo-controlled address. Additionally, the wallet has just one entry in its transaction history.

Bitvavo Moved Over 9T Shiba Inu

The recent transaction from Bitvavo is not the first of its kind this month. Three days ago, the exchange moved a similarly large amount of Shiba Inu to a wallet. The transaction was 4,630,530,677,374 SHIB tokens worth $36,696,955 at the time.

At the time of writing, Bitvavo has moved 9,246,061,354,748 (over nine trillion) within the last three days of this new month. Meanwhile, the exchange only moved 4.6 trillion SHIB in one transaction throughout August.

Note that Bitvavo also moved a significant amount of Shiba Inu in December 2022. Interestingly, the exchange’s Shiba Inu transfers have been outflows to unknown wallets. Whale Alert has captured no inflow from untagged wallets back to the exchange.

Despite Bitvavo’s recent increased movement of Shiba Inu, the token accounts for less than 2% of the exchange’s total trading volume in the last 24 hours.

At the time of writing, Shiba nu was trading at $0.00000759 per token with a 24-hour trading volume of $99,955,349.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.