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Whale Alert blockchain sleuth has registered a massive cryptocurrency transfer as almost 800 billion Shiba Inu meme coins have been removed from leading European crypto exchange Bitvavo.
This is a the second transaction that carried a mammoth-sized amount of SHIB over the last 24 hours as SHIB whales have initiated abnormal on-chain activity.
766 billion Shiba Inu shifted as SHIB trades in range
Data shared by the aforementioned cryptocurrency tracking bot shows that an owner of an anonymous whale moved a massive chunk of 766,478,691,679 SHIB from Amsterdam-based cryptocurrency trading platform Bitvavo. This amount of Shiba Inu meme coins is evaluated at $6,733,898.
This large withdrawal, which may seem like a purchase, was made while the SHIB price made a 7.16% recovery on Tuesday and, since then, it has been trading in the range of $0.0000089, striving to break above the $0.000009 resistance level.
However, the details of the transaction shared by Whale Alert show that the wallet that made the aforementioned withdrawal also belongs to the Bitvavo exchange. This makes this multi-hundred-billion-SHIB transfer an internal transaction of Bitvavo.
On Thursday, U.Today reported that a whopping one billion SHIB was transferred between two anonymous cryptocurrency wallets.
Shibarium sees another activity drop
Looking at the data provided by the Shibariumscan, one may see a drastic decrease in on-chain activity on this layer-2 solution as the daily number of transactions has reduced to 1.8 million. This is even lower than the recent plunges to the 2.69 million level.
The highest reading this metric reached recently was the end of December, when the daily count of transactions on Shibarium soared to 7.84 million.
This reduction of daily transfers has also affected the overall transaction count as it has frozen slightly above the 309 million mark and is moving forward very slowly.
Other data on Shibarium shows that despite the visible growth of accounts on this blockchain, the number of active accounts has seen a dramatic decline as well – from 2,802 on Dec. 27 to merely 608 on Jan. 25.
This decline can be explained by the current transition of Shibarium from Goerli to Sepolia network, and new updates are being tested and implemented, according to a recent post by Lucie from the SHIB team.
Gamza Khanzadaev
Mushumir Butt
Tomiwabold Olajide
