- Whale crypto wallet linked to Bitvavo shuffled $38M worth of SHIB.
- Shibarium L2 counts over 304 million transactions on the mainnet.
- Global crypto market cap plummets 5%, and SHIB takes a massive hit.
As this week’s crypto earthquake continues, the cryptocurrency whale-watching agency WhaleAlert recently spotted a colossal 4,276,568,835,013 SHIB transfer between two initially unmarked crypto wallets. The eye-catching transfer equaled nearly $38 million at stamped transaction time, while SHIB’s price was hovering around the price range of $0.00000908.
Mystery Unravelled: European Exchange Flips $38M
The cryptocurrency wallets were attributed to Bitvavo, a leading European crypto exchange, encompassing over $34 billion worth of EUR spot volume in 2023, according to data by blockchain research company Kaiko. The Netherlands-headquartered company launched the popular SHIB/EUR trading pair, which now comprises 0.55% of the platform’s overall trading volume.
While the move is unlikely to have sell-off motives, Tuesday’s crypto thunderstorm hit Shiba Inu’s price to claim a new monthly low. From the daily heights of $0.000009135, SHIB dropped 4.4% in the last 24 hours to trade at $0.000008711, dipping below the support levels of $0.000009, held for most of the past two months.
Shibarium Activity On a Roll: Can SHIB Price Catch Up?
While Shiba Inu’s recent lackluster price performance raised concerns among SHIB investors across social media, the token celebrates a new milestone in the utility of Shibarium, SHIB’s native Layer-2 public blockchain. Scorching past 304 million transactions recorded on the chain, Shibarium operates at a five-second average block production time despite the initial $1.8M ETH hiccup during take-off in August 2023.
Shibarium L2 significantly contributes towards burning Shiba Inu in the billions, as it’s swapped with Shibarium’s gas fee token Bone ShibaSwap (BONE) to conduct the on-chain SHIB burns. In December, the high tide of trading activity on the network amassed 25B SHIB tokens set ablaze in three patches.
At press time, SHIB is changing hands at $0.000008685, according to CoinGecko. SHIB’s on-chain indicators also point to the bearish side, with a 5.85% downturn in large transactions and a slight drop in network growth.
On the Flipside
- Shibarium L2 mainnet lost 6.12% of total value locked (TVL) in the last 24 hours, according to live on-chain data by decentralized finance aggregator DefiLlama.
- Shibarium’s gas fee token Bone ShibaSwap (BONE) took an even harder hit than SHIB, as the crypto bears battered BONE to the yearly lows of $0.5269 on Tuesday.
Why This Matters
Shiba Inu has been a top choice among large crypto whales despite SHIB’s memecoin status. Bitvavo is one of the most popular crypto exchanges in Europe, garnering 4.20 million monthly hits.
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