A blockchain address labeled GnosisSafeProxy has moved more than 3.36 trillion Shiba Inu (SHIB) tokens to an unidentified blockchain wallet.
Leading crypto tracking service Whale Alert brought the public’s attention to the transaction that occurred yesterday.
Transaction Details
According to an X post, GnosisSafeProxy moved a total of 3,368,549,976,020 (3.36 trillion) SHIB tokens to an unlabeled blockchain wallet. The transaction, which occurred yesterday at 12:25 p.m. (UTC), was valued at around $51.15 million.
Following the transaction, the sending wallet now has a zero SHIB balance. On the contrary, the recipient address currently has a balance of 3.36 trillion SHIB tokens. Notably, SHIB represents the largest asset by dollar value in the recipient wallet, which currently holds three cryptos, including 13,381 ETH ($35.2 million).
At press time, the rationale behind this transaction remains unclear at press time. Nonetheless, this large SHIB movement could be part of an effort by the sender to redistribute their funds to another blockchain address for security purposes. It could also be a private transaction initiated outside an exchange between two parties.
Another Significant SHIB Movement
Per data from Whale Alert, the last time Shiba Inu recorded such a significant movement was on February 5. At the time, an unknown user withdrew 1,239,940,928,235 (1.23 trillion) SHIB tokens from the Kraken crypto exchange to an unidentified wallet. This type of transaction suggests that the receiver intends to hold the tokens for the long term.
Meanwhile, the development comes hours after The Crypto Basic reported that large Shiba Inu holders are increasing their holdings. According to the report, these crypto whales have amassed a whopping 6.33 trillion SHIB tokens since the beginning of this year. Notably, 840 billion tokens out of this amount were accumulated in February alone.
In the meantime, Shiba Inu has continued to trade in bearish territory, marking a 20.88% dip in the past seven days. At press time, SHIB is valued at $0.00001512 per token, down 0.86% over the past 24 hours.
SHIB’s trading volume has plunged 10.75% in the past day to $328.06 million. It is ranked as the 17th largest cryptocurrency on CoinMarketCap, boasting a valuation of $8.92 billion.
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