Massive SHIB Transaction Revealed on EU Exchange; Mysterious Buyer Identified

Whale Alert Uncovers 766 Billion SHIB Transfer from Bitvavo

Whale Alert, a blockchain tracking bot, has detected a significant cryptocurrency transfer involving nearly 800 billion Shiba Inu (SHIB) meme coins on the European crypto exchange Bitvavo. This marks the second substantial transaction within 24 hours, suggesting unusual on-chain activity by SHIB whales. The staggering amount of 766,478,691,679 SHIB, valued at $6,733,898, was withdrawn from the Amsterdam-based Bitvavo platform.

While the transaction might initially appear as a purchase, further examination reveals that the wallet initiating the withdrawal is associated with Bitvavo itself. This categorizes the transfer as an internal transaction within Bitvavo, challenging the notion of an external buyer.

SHIB Price Movement Amidst Large Withdrawal

The massive withdrawal occurred amidst a 7.16% recovery in SHIB's price on Tuesday. Since then, the token has been trading in the range of $0.0000089, with efforts to breach the $0.000009 resistance level. The peculiar internal transfer from Bitvavo adds intrigue to the recent fluctuations in SHIB's value.

Shibarium's On-Chain Activity Decline

Data from Shibariumscan, a layer-2 solution for SHIB, indicates a significant reduction in on-chain activity. The daily transaction count has dropped to 1.8 million, even lower than recent levels, with the highest recorded in late December at 7.84 million transactions. The overall transaction count has marginally surpassed 309 million but is progressing slowly.

Moreover, Shibarium's active account numbers have seen a sharp decline, dropping from 2,802 on December 27 to just 608 on January 25. The decline is attributed to Shibarium's ongoing transition from Goerli to Sepolia network, with new updates currently in testing and implementation, according to a recent update from Lucie of the SHIB team.

Conclusion

The revelation of a massive internal SHIB transfer on Bitvavo raises questions about the nature of recent on-chain activities. As SHIB experiences price fluctuations and Shibarium undergoes network transitions, the cryptocurrency community closely observes developments to decipher the motives behind these notable movements.