Whale Alert, a well-known crypto tracking platform, flagged a significant transfer of 1,239,940,928,235 Shiba Inu (SHIB) from Kraken’s hot wallet to an unmarked address. The transfer, valued at $20 million, took place on Wednesday at 14:52 (UTC). Initially, the receiving address “0x22af” appeared as an unknown wallet, sparking speculation about a potential exchange withdrawal.
Analysis Reveals Internal Transfer
However, deeper analysis clarified the situation. The address labeled “0x22af” belongs to Kraken itself, identified as a deposit account. Market intelligence firm Arkham confirmed that the wallet ties back to the exchange. This means Kraken simply moved the SHIB internally, a common practice for exchanges to bolster security.
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Shiba Inu wasn’t the only asset Kraken shifted on Wednesday. According to Whale Alert, the exchange transferred 2,225,197 Uniswap (UNI) tokens worth $20.7 million to the same deposit wallet. Similarly, it moved 1,155,431 Official Trump (TRUMP) tokens, valued at $23.1 million, to another Kraken-linked address labeled “F7RkX6.”
Shiba Inu Shows Resilience
Meanwhile, Shiba Inu has remained steady despite market volatility. The token rose by over 2% on Wednesday, trading at $0.00001605. Analysts believe SHIB could be poised for a rally. A recent analysis suggested a possible downside to the 0.618 Fibonacci level at $0.00001735, followed by a surge to new highs.
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After rejecting lower prices, SHIB seems ready for this anticipated upward movement. Kraken’s large Shiba Inu transaction, though initially concerning, turned out to be routine.
This highlights how exchanges manage internal fund flows while keeping assets secure. As Shiba Inu eyes a potential rally, market participants remain watchful for its next move.
