Blockchain addresses linked to the crypto exchange Bitvavo have moved a significant amount of Shiba Inu as the cryptocurrency’s price struggles.
Bitvavo, a leading European cryptocurrency exchange, may have shuffled 4.2 trillion (approximately $38 million) across its wallets, on-chain data reveals.
The transfer took place on January 22 at 16:15 UTC and represented one of the most eye-catching Shiba Inu transfers of the day.
While there is no way to determine the reason for the transfer, such a large movement of funds by the exchange may relate to fulfilling withdrawal requests by whale investors.
Although less probable, another possibility is that the transfer was between two Bitvavo user accounts between customers who owned such a large amount of SHIB.
In either case, the Bitvavo-tagged transfer is not entirely surprising. The exchange has moved such a large amount in the past. Bitvavo was recently earmarked as the leading crypto exchange for EUR spot volume, according to data analytics platform Kaiko.
Notably, trading volume in the Bitvavo SHIB/EUR pair constitutes 0.56% of the platform’s overall trading volume in the past 24 hours.
SHIB 1D Chart | CoinMarketCap
Shiba Inu Defends $0.0000089
The latest high-profile Shiba Inu transfer from Bitvavo comes at a time when SHIB is struggling to defend the $0.0000089 mark. In the past 24 hours, Shiba Inu’s price has trended lower, tapping the key price level several times.
The decline, however, is not unique to Shiba Inu, with the entire crypto market struggling to find its footing. The leading cryptocurrency, Bitcoin, slipped below the crucial $40,000 support level within the same timeline, pilling on the pressure on altcoins.
In the past seven days, the crypto market has lost over $100 billion. The total market cap currently stands at $1.57 trillion, a notable decline from last week’s high of around $1.68 trillion.
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