In a surprising move, a large sum of Shiba Inu Tokens (SHIB), valued at millions, was transferred from the popular crypto exchange Bitvavo to an unidentified wallet.
Based on insight from wallet tracker Whale Alert, the total number of SHIB transferred is about 4.6 trillion, valued at roughly $35.7 million.
- After further examination of the recipient address, @Loch_Chain implied that the wallet is newly minted with no history of past transactions.
- It is common for Bitvavo to store crypto tokens in unknown wallets. Reports suggest that the only known Bitvavo wallet holding Shiba Inu has about 250 million SHIB, valued at $1.93 million.
- Analysis indicates that the newly transferred SHIB has yet to be liquidated via exchanges. As such, there are speculations that this could only be Bitvavo’s transfer of the assets for storage into an unknown destination.
- Loch_Chain looked at the transfer and highlighted that there are limited options of TVL pools where such sums of SHIB can earn yield, with probably only the Uniswap v3 pool of SHIB-WETh, which offers a 91% yield.
- However, based on the analyst, Uniswap v3 SHIB-WETH pool only has a TVL of $1.2 million, meaning the $35.7 million SHIB is not there.
- Analysts continue to monitor this address and any potential moves that could impact the SHIb token.