On-chain data reveals significant Shiba Inu transfers across addresses belonging to major exchanges Binance, Coinbase, and Bitvavo amid increased volatility.
The cryptocurrency market has witnessed significant volatility in the past 30 days. Prices hit new local highs in the second week of January, followed by a rapid decline in the aftermath of spot Bitcoin ETF approvals in the United States.
Amid the volatility, investors also took to transacting in Shiba Inu, one of the most popular crypto assets in the market, with large amounts moving in and out of exchanges.
For instance, data from Arkham Intelligence shows that the top SHIB addresses used by Binance and Coinbase received a combined 14.76 trillion SHIB tokens (valued at $142 million).
Binance tops the charts, having received 8.8 trillion SHIB (approximately $85.78 million), while Coinbase managed 5.9 trillion SHIB tokens (approximately $57.26 million) over the past 30 days.
Notably, Coinbase may have the upper hand if the metrics consider the amount of SHIB received for the leading address on its Prime Custody platform.
According to on-chain data, the address has received 4.3 trillion SHIB valued at around $41 million in the past month. Other Coinbase Prime custody addresses also received a similar amount, according to data from Arkham.
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Meanwhile, data suggests the address that received the third-largest SHIB inflow could to the Europe-based crypto exchange, Bitvavo. As reported by The Crypto Basic, the exchange has been shuffling large amounts of SHIB in recent weeks.
Based on on-chain data, an address possibly belonging to the exchange received 4.3 trillion Shiba Inu tokens valued at around $39 million. Similarly, an address clearly mapped as belonging to Bitvavo also received another 4.3 trillion SHIB ($41 million).
In total, the top three entities have received a combined value of more than 27.7 trillion SHIB tokens across their major addresses over the last 30 days.
Shiba Investors May Be Net Buyers Despite Decline
Comparing inflow and outflow data suggests that despite the recent drop in Shiba Inu prices, the cryptocurrency might be recording more buyers than sellers, as exchange outflows exceed inflows.
While Binance received 8.84 trillion Shiba Inu ($85.6 million), it saw an outflow of 9.47 trillion SHIB tokens ($91.50 million). Hence, investors withdrew roughly $6 million worth of SHIB from Binance.
Similarly, Coinbase’s primary address, which received 5.91 trillion SHIB ($57.2 million), saw an outflow of 5.96 trillion SHIB ($57.8 million). The net purchases hovered around $600,000 in the past 30 days.
Meanwhile, Bitvavo’s verified address saw a corresponding value of outflows and inflows, suggesting a neutral position among traders on the platform.
Overall, the large movement of SHIB across top trading platforms suggests a robust investor and trading community as the crypto market braces for a potential bull run predicted by experts to happen in the coming months.