New Whale Amasses 4.59 Trillion Shiba Inu at $0.00000726 Per SHIB

A new whale address recently accumulated over 4.59 trillion Shiba Inu (SHIB) tokens from Netherlands-based crypto exchange Bitvavo at a value of $0.00000726 per token, sparking speculation.

Whale Alert, a prominent whale-tracking tool, first called attention to the significant movement in a recent tweet. According to the disclosure, the whale received the tokens from a wallet controlled by Bitvavo, one of the largest exchanges in the Netherlands.

? ? 4,595,530,677,374 #SHIB (33,377,339 USD) transferred from #Bitvavo to unknown wallethttps://t.co/THVHI1QCE7

— Whale Alert (@whale_alert) September 22, 2023

Data from Etherscan adds more context to the whale transaction. Notably, the transaction involved exactly 4,595,530,677,374 (4.595 trillion) Shiba Inu tokens, currently priced at $33.82 million against prevailing rates.

Whale Alert’s disclosure revealed that the worth of the tokens stood at $33.37 million at the time of the transaction. This means the whale procured the assets at $0.00000726 per SHIB. Shiba Inu has increased by 1.37% since the transaction occurred. As a result, the worth of the tokens has surged by $445K.

Demystifying the Transaction 

The movement, which occurred yesterday at 15:12 (UTC), was the first transaction involving the recipient wallet. The wallet was recently created, leaving several market watchers to speculate that the entity involved activated it primarily for this transaction.

The sheer nature of the transaction had triggered speculation among market participants. While Whale Alert stated that the recipient wallet is an unknown address, on-chain data confirms that the wallet belongs to Bitvavo. 

With both wallets controlled by Bitvavo, it appears the transaction was an in-house movement within the exchange. Nonetheless, the reason behind the movement remains unknown. 

It is important to note that the sending address is also a new address, activated earlier this month. The address received the SHIB tokens as its first transaction on Sept. 4. Interestingly, the wallet also received billions in several meme coins before sending out the SHIB tokens.

Notably, these transactions are not uncommon, as some exchanges habitually activate new wallets to store their SHIB tokens. One such transaction involved BinanceUS on July 19. Another one, involving Bitvavo, saw the movement of 4.6 trillion SHIB on Aug. 31.