Over the past days, amidst the recent setback faced by the Shibarium launch, substantial whale activity has been observed within the Shiba Inu ecosystem.
In a series of 29 transactions, each involving a minimum of $1 million, a total of $131.57 million worth of assets were transferred by these prominent whale addresses.
Data reveals that these transactions took place beginning August 16, just before the official launch of Shibarium.
This information comes in the wake of concerns arising from the protocol’s reported failure, which resulted in more than 1,000 ETH of Shibarium users’ funds being locked in the bridge contract.
This event has spurred greater interest in the movement of these significant whale funds.
The transfer of 15.34 trillion SHIB tokens by these influential whales accounts for approximately 2.6% of the total SHIB supply, which amounts to 589.35 trillion SHIB tokens.
Taking into consideration the market price of SHIB at the time of each transaction, the cumulative value of $131.57 million was moved, averaging $4.53 million per transaction among the 29 identified whale transactions.
Notably, all 29 transactions occurred without any withdrawals from centralized exchange (CEX) addresses to unknown addresses, which are often indicative of sell-offs or purchases.
These transactions instead encompassed a diverse range of scenarios, including transfers from unknown addresses to CEX addresses (typically indicating deposits for potential selling), internal transactions between CEX addresses (often for maintenance purposes), and transfers between unknown addresses (where the nature of the transaction is less discernible).
Two recognizable addresses linked to institutional investors were also identified in the data: Cumberland (“0xad6…d8862”) and Wintermute Trading (“0xdbf…dc080”).