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XRP and Shiba Inu (SHIB) Steal Spotlight With Jaw-Dropping Mysterious Transfers

Sun, 09/03/2023 - 12:47
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Gamza Khanzadaev
Mysterious transfers raise questions about XRP and SHIB
XRP and Shiba Inu (SHIB) Steal Spotlight With Jaw-Dropping Mysterious Transfers
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Crypto watchdog Whale Alert has detected some unusual activity in the last 24 hours involving significant movements of popular cryptocurrencies, with a particular focus on XRP and Shiba Inu (SHIB).

Shiba Inu (SHIB) Records 1,173% Large Holder Inflows in Epic Week

One attention-grabbing transaction involved the transfer of a massive 425 million XRP, valued at approximately $213.28 million, between two anonymous wallets. What adds intrigue to this transaction is the fact that both the sender's and the recipient's wallets were newly activated, with the former being activated Sept. 1. This suggests a potential link to Ripple's monthly release of 1 billion XRP from its reserves. Interestingly, these substantial XRP holdings have remained untouched in the recipient's wallet.

Shiba Inu also found itself in the spotlight as a substantial 4.63 trillion SHIB tokens, valued at $36.7 million, were moved from the Bitvavo exchange to an unidentified wallet. Surprisingly, this undisclosed wallet turned out to be a recently activated hot wallet belonging to the same exchange, housing only SHIB tokens.

In addition to XRP and SHIB, there were notable Ethereum (ETH) transfers. Whale Alert reported the movement of 36,339 ETH, worth approximately $59.4 million, to major exchanges Coinbase and OKX. Such transfers in the cryptocurrency industry are typically interpreted as potential sell-offs.

4.8 Billion XRP Marks Highest On-Chain Transaction Volume in Months

These developments have left the community with many questions, particularly regarding the motives behind Ethereum transfers. As the situation unfolds, keep an eye on these cryptocurrencies, as such colossal transfers may give understanding for further fluctuations on the crypto market.

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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.