A recent large Shiba Inu transaction between crypto exchange Kraken and an unknown wallet has raised eyebrows among the crypto community.
Whale Alert, a prominent whale tracking platform, alerted the crypto community to a staggering Shiba Inu shift. The contentious transaction saw Kraken, one of the largest cryptocurrencies in the industry, move multi-billions of the prominent meme coin to an unidentified address.
Transaction Details
In a Wednesday tweet, Whale Alert shows that Kraken transferred 1,239,940,928,235 SHIB from its hot wallet to an unmarked address. On-chain analysis shows that the transaction involving the substantial amount of Shiba Inu occurred on Wednesday at 14:52 (UTC).
🚨 1,239,940,928,235 #SHIB (20,136,020 USD) transferred from #Kraken to unknown wallethttps://t.co/PxsHyZ8BcD
— Whale Alert (@whale_alert) February 5, 2025
Notably, Whale Alert deemed the receiving address “0x22af” an unknown address, raising speculations that the transaction might have involved an exchange withdrawal.
What’s the Catch?
However, further analysis indicates that the receiving wallet is a Kraken-funded account. Additional insight from market intelligence firm Arkham confirmed that the wallet has ties with the crypto exchange, as it labeled the address “Kraken Deposit.”
Hence, the 1.24 trillion SHIB moved was just an internal shuffle. The exchange transferred the $20 million worth of Shiba Inu internally, an endeavor that trading platforms periodically undertake for security purposes.
Notably, Shiba Inu is not the only asset Kraken moved to the deposit address on Wednesday. Data from Whale Alert highlighted that the exchange moved Uniswap (UNI) and the Official Trump token (TRUMP) to a similar address.
For context, Kraken shifted 2,225,197 UNI ($20.7 million) to the same receiving address as Shiba Inu. However, it transferred 1,155,431 TRUMP ($23.1 million) to wallet address “F7RkX6,” an address also marked as a Kraken Deposit.
Shiba Inu Remains Dogged
Meanwhile, the prominent meme coin has remained dogged in the face of market uncertainties. Shiba Inu has started the day positively again, surging over 2% to its current market price of $0.00001605.
Moreover, Shiba Inu seems to follow an earlier analysis that suggested a downside to the 0.618 Fibonacci level at $0.00001735 before an explosion to unprecedented highs. Following the fulfilled lows and a rejection of lower prices, the meme coin looks for the speculated rally.
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