Shiba Inu Whales Begin Accumulation As Shibarium Grows
September 04 2023 - 1:30PM
NEWSBTC
The success of the Shibarium blockchain so far has led to Shiba Inu
whale activity rising once more. These whales have been making
large transfers carrying trillions of SHIB tokens worth tens of
millions of dollars. This heightened activity, while interesting on
its own, is also leading to positive sentiment around them due to
their destinations. Shiba Inu Whales Moving Away From Centralized
Exchanges A number of large Shiba Inu transactions were highlighted
by the popular whale tracking account on X (formerly Twitter)
called Whale Alert. The first transaction took place on Saturday,
September 2, a couple of days after the Shibarium blockchain went
public and started growing. Related Reading: Pro-XRP Legal Expert
Takes The Spotlight With Daring Ripple Vs SEC Settlement Theory The
transaction saw a total of 4.36 trillion SHIB tokens moved from the
Bitvavo exchange to an unknown wallet. This transaction was worth
roughly $37 million at the time and was speculated to be moved to a
private wallet for holding. 🚨 🚨 4,630,530,677,374 #SHIB (36,696,955
USD) transferred from #Bitvavo to unknown
wallethttps://t.co/XWDOaPcc0G — Whale Alert (@whale_alert)
September 2, 2023 This is because when crypto users move tokens
toward centralized exchanges, it is often to sell due to the deep
liquidity. While moving tokens from centralized exchanges to
private wallets is often for holding while investors wait for the
market to recover. Another similar transaction was then flagged on
Monday, September 4, carrying almost the same number of SHIB. The
4.615 trillion SHIB worth $35.69 million was also moved from the
Bitvavo exchange to an unknown wallet, presumably for safekeeping.
🚨 🚨 4,615,530,677,374 #SHIB (35,694,206 USD) transferred from
#Bitvavo to unknown wallethttps://t.co/ZtTK0oWWWn — Whale Alert
(@whale_alert) September 4, 2023 These transactions could signal
that the whales are expecting the Shibarium network to grow and
positively affect the price of SHIB. The meme token is already
showing signs of this recovery its trading volume rose 14% in the
last day. Shibarium Continues To Grow Shibarium was launched in
late August but despite an initial rocky start, the network seems
to have taken it in stride and bounced back stronger. The activity
on the network saw its Total Value Locked (TVL) quickly surpass $1
million. TVL crosses $1 million | Source DeFiLlama This was brought
about by high activity in decentralized finance (DeFi) protocols
such as DogSwap and MARSWAP. The former currently boasts over 50%
of Shibarium’s TVL with the latter not too far behind at 26%.
Related Reading: Shiba Inu Marketing Lead Sends Important Message
To SHIB Holders The network has also crossed the 1 million wallet
market in addition to transactions on the blockchain reaching the
same figure. However, the TVL has taken a hit to fall from the
$1.42 million figure recorded on August 30 to be sitting at $1.05
million at the time of this writing. While the figures may be
slowing for Shibarium, it may not mean a total lack of interest.
Shibarium was launched in a deep bear market climate, which is one
factor that could now be limiting its growth as prices fall. SHIB
price shows high volatility | Source: SHIBUSD on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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