June 21, 2024

The crypto market is still battling with bearish pressure as most assets record significant price declines. Among these, Shiba Inu has slipped off the $0.0000090 level while struggling to prevent further dips from $0.0000089. 

Amid the market tension, the European crypto exchange, Bitvavo, moves 4.2 trillion SHIB tokens. Subsequently, the massive volume has raised eyebrows among market participants as it coincides with SHIB’s drop to $0.0000089.

Bitvavo Tranfers 4.2 Trillion SHIB Tokens

Data from the on-chain transaction tracker, Whale Alert, revealed the recent transfer on Bitvavo. The transaction involves the movement of a whopping 4.2 trillion SHIB coins worth $37.95 million between two anonymous wallet addresses on Bitvavo at 16:15 UTC on January 22.

This substantial SHIB transfer emerged among the top Shiba Inu transactions of the day. There are no clues depicting the motive behind the huge SHIB movement. However, some believed that it could relate to satisfying withdrawal requests from whale investors.

On the other hand, there’s a probability that the fund movement is just between two big Bitvavo clients holding such a large amount of Shiba Inu.

While reacting to the situation, an X user, known as Crypto Signals, threw in a different opinion. He thinks that the transfer reflects significant engagement for the Shiba Inu ecosystem.

The user stated:

Interesting transaction indeed, signifying significant movement within the SHIB ecosystem. It demonstrates the intricate web of anonymous wallet transfers, highlighting the complexities of crypto networks.

Despite the revolving opinions regarding the recent SHIB transaction, it’s not a total surprise on Bitvavo. Notably, the exchange has completed a similar massive volume before now. Moreover, Bitvavo has earned its place as a prominent crypto exchange with the highest EUR trade volume in 2023, according to KaikoData.

With a total of over €34 billion, Bitvavo surpassed Kraken (at €25 billion) and Binance (at €20 billion). Also, the trading volume of the SHIB/EUR pair on Bitvavo represents 0.56% of the exchange’s total trade volume within the past day.

Shiba Inu Struggles As Prices Move South

Shiba Inu moves in tune with the prevailing bearish momentum in the broader crypto market. Though SHIB struggled to defend the $0.0000089 critical mark, the rising pressure from the bears is pushing against its anchor.

As of 05:20 AM EST on January 23, the price of SHIB trades at $0.000008605, indicating a price drop of 5.51% over the past 24 hours. Moreover, its market cap is currently at $5.07 billion, with Shiba Inu slipping to the 17th position, according to CoinMarketCap’s crypto ranking.

The downward movement has lingered for some days as the token saw a 10.92% decrease over the past seven days. Conversely, SHIB has recorded a surge of 30.93% in its trading volume, taking the value to $155.8 million.

This confirms the recent increase in whale activities within the meme coin’s ecosystem.


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