Popular cryptocurrency tracking service Whale Alert has called the public's attention to a large-scale movement of Shiba Inu tokens from Turkish exchange BtcTurk to unknown wallets.
whale alert with index Yesterday's transactions revealed that a whopping 2,884,590,622,344 (2.88 trillion) Shiba Inu tokens were withdrawn from BtcTurk to an anonymous wallet at 16:23 (UTC).
The deal was valued at $65.7 million at the time and caught the attention of members of the Shiba Inu community.
Shiba Inu investor reaction
As expected, the trade sparked a reaction from SHIB supporters, with many investors wanting to know the identity of the user and the rationale behind the trade.
Some speculated that the trade was initiated by crypto whales who chose to move their SHIB holdings from Turkish exchanges in anticipation of a potential price spike.
But some believe the move is aimed at security. This is because storing your crypto assets in a personal blockchain wallet is safer than storing them on an exchange.
BtcTurk provides clarity
In the midst of this discussion, BtcTurk clarified The transaction was initiated as part of an effort to optimize the routing wallet. By way of background, cryptocurrency exchanges typically move assets between wallets for several reasons, ranging from security purposes to operational efficiency.
Because these transfers happen on-chain, they almost always appear on the blockchain as large cryptocurrency transactions, which are indexed on X by tracking services like Whale Alert.
Earlier this year, The Crypto Basic reported on several internal SHIB moves related to Robinhood. This includes a move of 2.7 trillion SHIB and another shuffle of 3 trillion tokens.
The transfer of 2.88 trillion Shiba Inu tokens by BtcTurk is similar to the transaction on Robinhood mentioned above. The Turkish exchange also stressed that it is in control of remittances and dismissed concerns about suspicious activity.
These transfers are part of our wallet optimization efforts. We are fully in control, so nothing will go wrong.
— BtcTurk | Crypto (@BtcTurkKripto) December 25, 2024
SHIB ranks as third largest cryptocurrency in BtcTurk wallet
meanwhile, data According to Etherscan, the wallet of the recipient who initiated the first transaction two days ago currently holds 2,984,691,196,812 (2.98 trillion) SHIB, worth $66.49 million.
This positions Shiba Inu as the third largest asset in the wallet, behind PEPE and Ethereum (ETH).
Meanwhile, the Shiba Inu is trading at $0.0000223, reflecting a decline of 4.11% over the past day. SHIB also fell 7.69% in one week and 11.48% in one month.
This decline coincides with a broader correction across crypto markets. The global market capitalization has fallen by 0.93% in the past 24 hours and now stands at $3.4 trillion.
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