Popular cryptocurrency tracking service Whale Alert has drawn public attention to a large movement of Shiba Inu tokens from the Turkish exchange BtcTurk to an unknown wallet.

Whale Alert cataloged the transaction yesterday, revealing that 2,884,590,622,344 (2.88 trillion) Shiba Inu tokens were withdrawn to an anonymous BtcTurk wallet at 16:23 (UTC).

The deal was worth $65.7 million at the time, attracting the attention of the Shiba Inu community.

Shiba Inu Investor Reaction

As expected, the deal sparked reactions from SHIB supporters, with many investors seeking to know the identity of the user and the reason behind the deal.

Some have speculated that the deal was initiated by a crypto whale who chose to move his SHIB holdings off the Turkish stock exchange in anticipation of a potential price spike.

However, others believe that the move was for security purposes, as storing crypto assets in personal blockchain wallets is safer than keeping them on exchanges.

BtcTurk provides clarity

Amidst this discussion, BtcTurk explained that it initiated the transaction as part of its efforts to improve the routing wallet. In this context, cryptocurrency exchanges typically move their assets between wallets for a variety of reasons, ranging from security purposes to operational efficiency.

Because these transfers happen on-chain, they often appear as large crypto transactions on the blockchain, with tracking services like Whale Alert indexing them on X.

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Earlier this year, The Crypto Basic reported on several internal SHIB transfers involving Robinhood. These included the transfer of 2.7 trillion SHIB and the mixing of another 3 trillion tokens.

The transfer of 2.88 trillion Shiba Inu tokens via BtcTurk is similar to the above-mentioned transactions on Robinhood. Moreover, the Turkish exchange confirmed that it controls the transfers, dismissing any concerns of suspicious activity.

These transfers are part of our efforts to improve our cryptocurrency portfolio. We manage it completely, and there is nothing out of the ordinary about it.

SHIB Ranks 3rd Largest Cryptocurrency in BtcTurk Wallet

Meanwhile, data from Etherscan shows that the receiving wallet, which initiated its first transaction two days ago, currently holds 2,984,691,196,812 (2.98 trillion) SHIB, worth $66.49 million.

This puts Shiba Inu as the third largest asset in the wallet behind Pepe (PEPE) and Ethereum (ETH).

Meanwhile, Shiba Inu is trading at $0.0000223, reflecting a 4.11% decline over the past day. Shiba Inu has also fallen by 7.69% in one week and 11.48% in one month.

This decline is in line with a broader correction across the cryptocurrency market. The global market cap has fallen by 0.93% in the last 24 hours, now standing at $3.4 trillion.

Disclaimer: This content is for informational purposes only and should not be considered as financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.$SHIB $LPT $DF

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