Shiba Inu (SHIB) Witnesses Remarkable Transfer, What Does It Mean? - COINTURK NEWS
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Shiba Inu (SHIB) Witnesses Remarkable Transfer, What Does It Mean?

10:08 pm (36 days ago)
October 31, 2023

According to the latest data shared by the crypto tracking platform Whale Alert, an eye-catching transfer occurred in the Shiba Inu (SHIB) meme coin, drawing the attention of market investors. A total of 4.47 trillion SHIB coins were transferred from an unknown crypto wallet to Bitvavo, one of the largest cryptocurrency exchanges in the Netherlands.

Following this, the price of Shiba Inu experienced fluctuations, resulting in significant drops in the SHIB price. Additionally, approximately 4.5 trillion SHIB was transferred from another unidentified wallet to another unknown wallet on October 30.

Shiba Inu Comments and Transfer

According to the latest Whale Alert post, as of the time of writing, a total of 4.47 trillion SHIB coins, equivalent to $35.35 million, were transferred from an undisclosed wallet to the Bitvavo exchange. This remarkable transfer, as indicated by the recent crypto surge, has attracted the attention of investors, especially within the Shiba Inu community.

What makes the situation more intriguing is that the wallet that sent 4.47 trillion SHIB tokens to Bitvavo also received 4.49 trillion SHIB tokens, equivalent to $36 million, from an unknown wallet during the transfer on October 30.

The Future of Shiba Coin

The recent transaction has sparked rumors surrounding theories about the movements of this large wallet that moves crypto assets. The noteworthy aspect is that, considering the magnitude of the transfer, it may be speculated that the mentioned crypto exchange transferred a portion of their SHIB assets to another wallet they own.

This event may have also triggered a token burn. Among the community, there have been discussions about this wallet being a burn address. This can be interpreted as a deliberate reduction in the supply of Shiba Inu tokens, reflecting a conscious decrease in circulation. Burning tokens in this manner is often seen as part of a strategy to increase scarcity and potentially raise the value of the remaining tokens.

Such transactions are closely monitored by the Shiba Inu community. As of the time of writing, the Shiba Inu price has declined by 0.74% to $0.000007975, while its 24-hour volume has increased by 4.12% to $125.18 million. Despite today’s drop, the price of the meme coin has experienced over 5% growth in the past seven days.

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