Bitvavo, a major European cryptocurrency exchange, has moved a significant amount of SHIB, including a recent token transfer of 981 billion.
Ethereum addresses belonging to the popular European cryptocurrency exchange Bitvavo have been involved in some flashy Shiba Inu transfers. Earlier this week, the exchange shuffled 4.2 trillion SHIB tokens worth around $38 million.
More recently, in the last 24 hours, the exchange also transferred another 981 billion SHIB (about $8.6 million) between two wallet addresses.
Second data on the chaina Bitvavo wallet with the initials 0xcb6 received the amount from another address with 0xBcD as its initial.
After the initial deposit, the Bitvavo wallet moved the funds in two tranches involving 215 billion Shiba Inu tokens ($1.89 million) and 766 billion Shiba Inu tokens ($6.74 million). The largest 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 Bitvavo’s big Shiba Inu transfer
While the transparent nature of blockchains makes it easier to spot large transfers like the one involving Bitvavo, it doesn’t provide an indication of the motive behind the transactions. However, some options could be considered, given that the move involves a centralized cryptocurrency exchange.
For example, the large Shiba Inu move could be linked to Bitvavo’s liquidity needs. In other words, funds transfer can be used to satisfy customer withdrawal requests for both a single high-profile investor and a large group of users.
Such an outcome would be good news for SHIB investors as it would mean more SHIBs will be removed from exchanges, making fewer tokens available for trading and potentially increasing the value of the token.
Another possibility is that the exchange was simply performing routine wallet maintenance and moving funds between addresses to improve security.
Either way, it’s notable for SHIB faithful that one of Europe’s largest exchanges ($136 million daily volume) and perhaps their clients regularly interact with the cryptocurrency.
At the time of writing, Shiba Inu is trading at $0.000008854, with a slight daily loss of 0.14%. The cryptocurrency’s price has stabilized along with the rest of the market after a recent sell-off and appears to be in a consolidation phase.
