Trader Sends 3.36 Trillion SHIB. Here’s the Destination

A substantial transaction involving 3.36 trillion Shiba Inu tokens has been detected on the blockchain. The transfer was reported by Whale Alert, which reported both wallets as unknown wallets. However, the sender has been identified as GnosisSafeProxy.

The movement of such a significant volume of SHIB has drawn attention, particularly as the sender’s balance has been reduced to zero.

Transaction Breakdown

The transaction, which took place at 12:25 p.m. (UTC) yesterday, involved the transfer of exactly 3,368,549,976,020 SHIB, valued at approximately $51.15 million at the time of execution. Following this transfer, the receiving wallet now holds the entirety of the SHIB sent, making it the dominant asset in that wallet’s portfolio.

On-chain data further reveals that the recipient address also contains 13,381 ETH, worth around $35.2 million. With three different cryptocurrencies in its balance, SHIB remains the most valuable asset by dollar value in this wallet.

The purpose behind this transaction remains uncertain. With the recent resurgence in whale activity across prominent ecosystems like XRP, one could infer that whales are preparing for something big.

However, this transaction could also be a strategic relocation of funds for security reasons or a routine transfer between private parties outside of an exchange. There has been no official information to clarify the exact motive behind the transaction.

Recent Whale Movements and Performance

This is not the first time a substantial volume of Shiba Inu tokens has changed hands. On February 5, another significant transaction saw an anonymous entity withdraw 1.24 trillion SHIB from the Kraken exchange into another anonymous wallet.

Such large withdrawals from exchanges typically suggest that holders intend to store the tokens long-term rather than trade them in the short term. The recent transfer also follows reports indicating increased accumulation of SHIB by large holders.

Recent data from IntoTheBlock shows that whales have acquired approximately 6.33 trillion tokens since the beginning of the year, with 840 billion of these purchases occurring in February alone. This trend suggests sustained interest from major investors despite recent price fluctuations.

Despite these notable transactions, the cryptocurrency has been experiencing a downtrend mirroring the broader market. The digital asset is trading at $0.00001589, down 12.03% from last week. However, it has experienced an increase of approximately 6% over the past 24 hours, suggesting the bearish phase could be over.

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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