- There was a transfer of around $33,914,658 Shiba Inu tokens.
- There was also a burn of over 1.5 billion Shiba Inu tokens.
Shiba Inu tokens make an important aspect of many traders’ wallet portfolios. So, whatever happens to this crypto is very important for them. So, the latest is the recent transfer of multi-million Shiba Inu tokens, causing concern among traders.
Massive Number of Shiba Inu Tokens Withdrawn
- According to data from the crypto whale tracking platform Whale Alert, there was a massive transfer involving some Shiba Inu tokens. So, according to their post on Twitter (now X), there was an enormous move of over four trillion Shiba Inu tokens from a major crypto exchange, Bitvavo, located in Amsterdam.
- The amount of tokens in this transaction was quite massive, and that was the highlight. So, according to the report from Whale Alert, there was a transfer of 4,464,530,677,374 SHIB tokens. Converting this amount of Shiba Inu tokens to fiat was quite a large number of transactions. So, the total worth of these tokens in the transaction was around $33,914,658 in fiat.
More Details About this Transaction
- Whale Alert, in their extension of a website, provided more details about this transaction. So, their data shows that this was an internal transfer within the Bitvavo crypto exchange. In other words, both the receiver and sender of this transaction have their wallet addresses from Bitvavo.
- These transaction details imply that this transaction might be a sell-off from a crypto whale. However, it might also be that Bitvavo is reshuffling some of its crypto balances. So, these are just speculations as there are no real facts about the situation. But over the last months, there’s an active involvement of Bitvavo in Shiba Inu token transactions.
More Burns as Over 1.4 Billion Shiba Inu Tokens Goes Extinct
- Besides this major transfer of Shiba Inu tokens. Another major trending topic is the recent burn of more than 1.5 billion Shiba Inu tokens. So, according to data from the Shibburn service, the SHIB community disposed of a massive amount of tokens.
- For those who don’t know the meaning of token burns, it is a unique occurrence in the crypto industry. So, this is when there’s an intention to reduce cryptocurrencies in circulation. They do this by sending them to invalid wallets. So, the recent Shiba Inu token burn was for around 1,461,135,923 SHIB tokens. Another unique thing about this burn was the number of transactions. So, there were around 753 transactions to send these tokens to an invalid wallet.
Conclusion
One of the cryptocurrencies that is consistently on the news is the Shiba Inu token. So, one of the most recent occurrences was a massive transfer of some of the tokens. So, the total worth of the tokens in this recent transfer was more than $33 million. Besides this, there was also a massive token burn of more than 1.5 billion Shiba Inu tokens.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
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