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Trillions of SHIB Tokens Vanish From Major Exchange: What's Happening?

Mon, 09/04/2023 - 11:41
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Gamza Khanzadaev
Tens of millions of dollars worth of Shiba Inu tokens continue exodus from major exchange, prompting intrigue within SHIB community
Trillions of SHIB Tokens Vanish From Major Exchange: What's Happening?
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In a development that has garnered the attention of SHIB enthusiasts, trillions of Shiba Inu tokens have once again been observed in motion, according to the WhaleAlert tracker. This follows a significant withdrawal of SHIB tokens from the Bitvavo exchange just 24 hours earlier.

Shiba Inu's Shibarium Hits Multi-Million Milestone in Record Time

In this recent transaction, a substantial 4.62 trillion SHIB, equivalent to approximately $35.7 million, were moved. Notably, the transfer occurred from Bitvavo to an unknown wallet. However, an examination of explorer data reveals that this is actually a newly created address associated with the exchange itself.

It is worth mentioning that while Bitvavo occasionally uses unknown wallets, the exchange's confirmed wallets currently hold a relatively modest 250 million Shiba Inu tokens, valued at around $1.93 million, as reported by Arkham Intelligence.


What adds intrigue to this situation is that these trillions of SHIB seem to remain in these newly created addresses, with no apparent signs of being sent to other exchanges for liquidation. This behavior has led to speculation within the community, with some suggesting that these moves are related to storage and distribution, rather than imminent sell-offs.

Shiba Inu Now Supported by This Decentralized Exchange Aggregator

As the community awaits further details, the central question remains: What is the significance of these trillions of SHIB disappearing from the exchange, and how might this impact the future of the Shiba Inu token? Stay tuned for updates as this unfolding story continues to develop.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.