Significant activity was seen in the Shiba Inu (SHIB) ecosystem today, especially with respect to large-scale SHIB token transfers, as reported by the cryptocurrency community. A $11.9 million SHIB transfer was seen, going to the address “0xB22.” Due to this trend, “0xB22” is now one of the top three wallets in terms of SHIB volume received in the last day.
The address “0xdaA,” which had been accumulating SHIB tokens during the previous five days, was the source of this transfer. A closer look uncovers an eight-month trend in which substantial amounts of SHIB tokens are transferred between several unidentified wallets before arriving at “0xB22.”
The possible connection between these transactions and addresses thought to be connected to DV Chain, a reputable market maker and supplier of liquidity in the cryptocurrency world, is very intriguing. While there isn’t any concrete evidence to support DV Chain’s participation, the fact that smaller transactions from Coinbase Prime accounts are occurring concurrently complicates matters.
Concerns are raised about the size and type of SHIB movements seen by Coinbase Prime, a platform that serves institutional customers. Although Coinbase Prime address linkages are not intrinsically suspicious, the volume of these transactions can demand community scrutiny.
This surge in whale activity comes at a time when the overall bitcoin market is seeing increased volatility. Shiba Inu owners continue to keep an eye on the market as they try to decipher the ramifications of this whale activity and how it relates to the price trajectory of the popular cryptocurrency that has been inspired by memes.
