Whale Triggers Bullish Signal With 4.6 Trillion SHIB Transfer

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WhaleStats’ 129th-ranked Ethereum Whale Galion Buys 272B SHIB
  • A SHIB whale recently transferred over 4.6 trillion SHIB tokens from Bitvavo.
  • The transferred tokens are worth $35.7 million, and were sent to an unknown wallet.
  • The SHIB whale paid $1.06 paid in ETH as fees for the transaction.

A SHIB whale recently transferred over 4.6 trillion SHIB tokens, equivalent to $35.7 million, from the Bitvavo crypto exchange to an unknown wallet. Details of the transfer were posted on X (Twitter) by Whale Alert, the popular blockchain tracker and analysis system that reports large crypto transactions.

Information on the Whale Alert website shows the whale made the transfer at 08:35 UTC on Monday, September 4, 2023, and paid the equivalent of $1.06 in ETH as a fee for the transaction.

The reported transfer joins the growing number of whale transactions recently recorded in the Shiba Inu ecosystem. There has been a significant increase in the frequency of notable SHIB transactions since the revival of Shibarium, the layer-two network of the Shiba Inu ecosystem.

Reportedly, SHIB transactions have skyrocketed by 335%, and the number of wallets on the Shibarium network is approaching two million. Such factors are generating a reaction from Shiba Inu’s community members. Most of them perceive the ongoing developments as a bullish signal. One respondent to Whale Alert’s post, Asim Khalil Derkhwasti, stated that the whale’s action suggests it is time to buy SHIB.

In the crypto market, investors consider moving large amounts of crypto assets out of the exchanges a bullish signal. The logic behind this belief is that those transferring the crypto assets do so to hold them for long periods.

The transfer that involves a whale moving a significant amount of crypto assets to an unknown wallet gives more credence to the suspicion. Crypto users consider that such a whale may be moving the crypto assets to a more secure environment and away from centralized exchanges where they could be exposed to security threats.