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Binance, the world’s largest cryptocurrency exchange, has moved more than 3 trillion Shiba Inu tokens between its internal cold wallets.
According to data from Arkham Intelligence, Binance transferred a combined 3,098,891,481,684 (3.09 trillion) Shiba Inu in two separate transactions. Notably, the exchange executed both transfers just one minute apart, suggesting that they formed part of the same internal wallet-management operation.
The first transaction involved 1.099 trillion $SHIB, worth approximately $5.84 million, which moved from Binance’s cold wallet (0xF97…1aceC) to another Binance-controlled cold wallet (0x5a5…0Efcb).
One minute later, Binance transferred another 2 trillion $SHIB, valued at $10.62 million, between the same wallets.
Binance Enormous $SHIB Holdings
Since Binance controls both wallets, the transactions appear to reflect an internal redistribution of $SHIB rather than buying or selling activity. Exchanges commonly move assets between cold wallets when they rebalance reserves, reorganize <a href="https://xpertsstudio.com/sec-eyes-sweeping-crypto-custody-rewrite-as-white-house-weighs-in/” title=”SEC Eyes Sweeping Crypto Custody Rewrite as White House Weighs In”>custody arrangements, or strengthen their security infrastructure.
Following the transfers, the receiving wallet holds 37.604 trillion $SHIB, worth around $203.4 million, while the sending wallet holds about 7 trillion $SHIB, valued at approximately $37.94 million.
Currently, the receiving address ranks as the fourth-largest $SHIB holder Only the Robinhood-linked wallet, Upbit-linked wallet, and Shiba Inu burn address rank higher
$SHIB Exchange Reserves Drop Below 87 Trillion
The Binance wallet shuffle comes as the amount of $SHIB held on cryptocurrency exchanges continues to decline.
Over the past 24 hours, 82.21 billion $SHIB have moved from exchanges to private wallets total exchange reserves have fallen below the 87 trillion $SHIB threshold and now stand at 86.86 trillion tokens
This trend could become increasingly important if demand for $SHIB rises. Sustained withdrawals reduce the amount of tokens readily available for trading on centralized exchanges, potentially creating a supply-demand imbalance if buying pressure strengthens.
However, Binance’s 3.09 trillion $SHIB transfer does not represent an exchange outflow, since the tokens remained within Binance-controlled wallets.
$SHIB Holds Weekly Gains Despite Recent Pullback
Meanwhile, Shiba Inu has given back some of its gains after the broader cryptocurrency market rally pushed the token above $0.0000061.
Nevertheless, $SHIB continues to hold much of its recent advance. The token is down about 0.57% over the past 24 hours, but it remains up 10.03% over the past week to $0.0000054. At the same time, trading activity has weakened. $SHIB’s 24-hour trading volume has declined by approximately 30.66% to $77.63 million, indicating that market participation has cooled following the recent rally.
With a market cap of $3.19 billion, Shiba Inu currently ranks as the 27th-largest cryptocurrency by market value.
Source: cryptonews.net