Binance Moves 137 Billion Shiba Inu Tokens, Here’s Why
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A recent transaction from Binance, the largest crypto exchange in the world, has caught the attention of the Shiba Inu community.
This transaction was reported carrying a large number of SHIB tokens, sparking speculations of why the exchange executed this transaction in the first place. However, the destination of the tokens could serve as a reason for the transaction.
Binance Moves 137 Billion Shiba Inu Tokens
On Sunday, August 11, a notable transaction was seen on the Ethereum blockchain involving the Shiba Inu token. This time around, the transaction was coming from the Binance crypto exchange, with over 137 billion SHIB tokens being moved from one of the exchange’s wallet.
At the time of the transaction, approximately 137.65 billion tokens were transferred from the Binance 14 wallet and were worth $1.924 million. The destination of this transfer was shown to be another Binance wallet, known publicly as the Binance 16 wallet.
Now, this transaction would’ve been classified as a withdrawal if the Shiba Inu tokens were moved to a wallet address not associated with the Binance exchange.
However, with the coins going to the Binance 16 wallet, it suggests that this is just a reshuffling of the Shiba Inu coins held by the exchange.
Exchanges will usually reshuffle or redistribute coins across their various wallets for different reasons such as security, liquidity, etc. The even distribution ensures that there is always liquidity for its users, as well as making sure holdings are adequately protected by having them spread out across different secure wallets.
