125 Billion SHIB Withdrawn from BitGo Amid Growing Exchange Outflows

Over 125 billion Shiba Inu tokens have been withdrawn from BitGo to a new wallet on KuCoin. According to data from Arkham, 125,334,083,223 SHIB were transferred out of a wallet affiliated with the exchange, worth around $678,060 at the time. The receiving address had no prior activity before the transfer, suggesting it was newly created for this purpose.

This move comes as Shiba Inu records broader exchange outflows, with 160 billion SHIB leaving exchanges over the past 24 hours. Despite these withdrawals, approximately 87.25 trillion tokens remain on exchanges, representing around 14.8% of the cryptocurrency's total supply.

The transfer has sparked speculation about the owner's intentions, with some suggesting an intention to hold the tokens rather than sell them immediately. However, this does not confirm a long-term holding strategy, as the owner could move the tokens at any time.