Shiba Inu Whales Are Moving Away From Centralized Exchanges
The success of the Shibarium blockchain has caused an increase in Shiba Inu whale activity. These whales have been transferring trillions of SHIB tokens worth millions of dollars. The interesting part is that these transfers are not going to centralized exchanges, but rather to unknown wallets.
Recently, Whale Alert, a popular whale tracking account on X (formerly Twitter), highlighted a significant transaction. Around $37 million worth of SHIB tokens, totaling 4.36 trillion tokens, were moved from the Bitvavo exchange to an unknown wallet. This suggests that the tokens were being moved for holding purposes, as users typically sell tokens on centralized exchanges.
Another similar transaction occurred a few days later. Approximately $35.69 million worth of SHIB tokens, totaling 4.615 trillion tokens, were moved from Bitvavo to an unknown wallet. Again, this indicates a desire to hold the tokens rather than sell them.
Shibarium Continues To Grow
Despite a rocky start, the Shibarium network has shown resilience and is experiencing growth. The Total Value Locked (TVL) on the network has surpassed $1 million. This growth can be attributed to high activity in decentralized finance (DeFi) protocols like DogSwap and MARSWAP.
Shibarium has also reached over 1 million wallets and has seen a significant number of transactions on the blockchain. However, the TVL has decreased from $1.42 million to $1.05 million.
Although the growth may be slowing, it doesn’t necessarily mean a lack of interest. Shibarium was launched during a bear market, which could be impacting its growth as prices fall.
Hot Take
The movement of SHIB tokens by Shiba Inu whales to unknown wallets indicates a positive sentiment around the Shibarium network. As the network continues to grow and the trading volume of SHIB increases, there is potential for the token’s price to recover.
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