Shiba Inu Whale Unleashes $2.21M Transfer to BitGo

A Shiba Inu whale has made its first move in over three years, transferring 407.99 billion SHIB to BitGo. The wallet had been dormant since July 16, 2023, when it received 600 billion SHIB. The transfer is worth about $2.21 million at current market prices and represents a significant movement of tokens. Despite this, the whale still holds roughly 192 billion SHIB, worth around $1.05 million.

The transaction has sparked attention due to its large size and potential implications for SHIB's price. However, it's essential to note that a transfer to BitGo doesn't necessarily mean an exchange sale. The destination can serve custody, settlement, or other account-management purposes for clients. This is in contrast to the previous week's similar transfer of 600 billion tokens to BitGo.

Exchange outflows exceeded inflows by 77.59 billion SHIB over the past 24 hours, according to CryptoQuant data. This suggests that more tokens moved away from exchanges than toward them during this period. The Shiba Inu price traded near $0.000005469 at press time, down 1.73% over 24 hours and slightly below the key $0.0000055 level.