Kraken Moves 1.24 Trillion Shiba Inu (SHIB). Here’s What Happened

A massive Shiba Inu transaction involving the cryptocurrency exchange Kraken has drawn significant attention within the crypto community. The movement of over 1.23 trillion SHIB tokens, valued at approximately $20 million, initially raised speculation due to the receiving wallet’s unknown identity. However, further analysis reveals that the transfer was not an external withdrawal but an internal transaction.  

Breakdown of the Transaction

On Wednesday, Whale Alert, a blockchain tracking service, reported that Kraken had transferred 1,239,940,928,235 SHIB from one of its hot wallets to an unidentified address. The transaction, recorded at 14:52 UTC, sparked discussions about whether it signaled a significant withdrawal by a large holder.  

At first glance, the receiving address, “0x22af,” appeared unmarked, leading to speculation that a major investor or institution had withdrawn a substantial amount of SHIB from the exchange. However, on-chain data later clarified the true nature of the transfer.  

Clarifying the Reason for the Transfer

Further investigation, including insights from blockchain analytics firm Arkham, determined that the receiving wallet was a Kraken deposit address. This indicates that the transfer was likely an internal transaction rather than an external withdrawal. Exchanges often conduct internal transfers to manage liquidity, enhance security, or restructure their reserves.  

Kraken’s transaction was not an isolated event. On the same day, the exchange moved significant amounts of other cryptocurrencies, including Uniswap (UNI) and the Official Trump token (TRUMP).  

According to Whale Alert data, Kraken transferred approximately 2,225,197 UNI tokens, valued at around $20.7 million, to the same deposit address used for the SHIB transaction. Additionally, it sent 1,155,431 TRUMP tokens—worth approximately $23.1 million—to a separate wallet, labeled “F7RkX6,” which was also identified as a Kraken deposit address.  

Market Performance and Outlook

Despite market fluctuations, Shiba Inu has maintained upward momentum. The token experienced a notable price appreciation of over 2% on Wednesday, reaching a value of approximately $0.00001605. Notably, market experts anticipate a potential upside of 850% in the near term, bolstering the asset’s favorable prospects within the cryptocurrency market

Analysts had previously projected a decline to the 0.618 Fibonacci level at $0.00001735 before an anticipated surge to new highs. With Shiba Inu (SHIB) showing resilience and rejecting lower price levels, investors are watching closely whether the token will follow the expected bullish trajectory.  

Kraken’s latest transaction turned out to be a routine internal activity. However, it underscores the importance of on-chain transparency and highlights how large token movements can influence market sentiment. Despite this, analysts remain confident in SHIB’s future potential, with many expecting further gains as the project continues to gain traction in the broader crypto market.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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