In a surprising turn of events within the cryptocurrency landscape, a long-dormant Shiba Inu wallet has awakened to transfer over 349 billion SHIB tokens to the Bitget exchange, captivating analysts and traders alike. This wallet, identified by the address prefix “0xa145Bd8C9E,” had been largely inactive for more than a year before executing these significant transfers.
The largest of the transactions was a staggering 203.53 billion SHIB, valued at approximately $1.2 million at that time. Earlier on the same day, the wallet also transferred 71.27 billion SHIB, worth around $421,000, followed by two further smaller transfers of 37.58 billion and 37.13 billion SHIB. Collectively, these outflows account for nearly 30% of the wallet’s previous balance, marking a notable decrease.
Despite this significant outflow, the wallet still retains a substantial 371.04 billion SHIB, currently valued at around $2.19 million. This holding is part of a wider portfolio estimated at $8.44 million, wherein SHIB is the second-largest position. The top holding in this portfolio is PEPE, which comprises 1.31 trillion tokens worth roughly $5.13 million. The diversified nature of this portfolio indicates that the holder is not solely invested in SHIB but is a multi-asset cryptocurrency whale with substantial investments in meme-based tokens. The fact that the movement of SHIB occurred while PEPE holdings remained intact adds a layer of intrigue to the rationale behind this transfer.
At a spot price near $0.0000059 per token, the 203 billion SHIB sent to Bitget signifies notable liquidity, particularly on that exchange. However, experts believe the transfer is not significant enough to sway the wider market, given SHIB’s daily trading volumes across various platforms. Nonetheless, it could impact price movements on Bitget in the short term if the transferred tokens are sold.
Historical records suggest that the wallet accumulated its SHIB holdings through various transactions linked to Binance. These included numerous deposits that ranged from 1 billion to 2.14 billion SHIB, alongside interactions with Binance hot wallets. This accumulation occurred over an extended period, after which the wallet remained silent until these recent transfers.
The transition from Binance-derived assets to a deposit on Bitget indicates a strategic shift. This movement from cold or self-custodied storage to an active exchange is typically a precursor to increased trading activities. While it remains unclear whether this activity will involve spot sales, futures collateral, or options trading, history shows that similar dormant wallet movements to exchanges have often preceded liquidation events.
As this situation continues to unfold, market participants are closely monitoring the implications of these significant transfers and any potential ripple effects on Shiba Inu’s market dynamics.
