Trillions of Shib Transferred and Billions of USDT Minted -What’s Going on in Crypto Space?

The stablecoin leader, Tether (USDT), is losing its peg but has managed to hover close to $0.99 without being destabilized to a large extent. Amid the sloppy market conditions, massive transfers erupt within the crypto space. Interestingly, Shiba Inu has been one of the favourite tokens of the Ethereum whales and has now triggered huge speculation after recording massive transfers. 

Whale Alert, one of the popular platforms that record interesting transfers within the markets, highlighted a transfer of more than 3 trillion SHIB worth more than $25 million between unknown wallets. 

Usually, the coins are moved in two different conditions, either due to a wallet change or fund reshuffling. The tokens have not reached the exchanges, which offers a sigh of relief for the market participants. However, it cannot be completely ruled out, as the transfer may also have the intention of selling the tokens. It is fair to acknowledge that the real reason for the transfer is unknown, but the possibility of a huge move may not be eliminated. 

Besides, the dominant stablecoin, Tether (USDT), is facing some irregularities as it loses its peg. In the past few hours, interesting transfers have been making huge noise within the markets. Initially, 1 billion USDT was minted at the Tether treasury initially and further multiple transfers of 500 million USDT were recorded between Binance and the Tether treasury. 

Later, another 250 million USDT were again minted at the Treasury, and the same amount of USDT was transferred to and fro from Binance and Tether Treasury. While no significant impact has been seen within the crypto space, these transfers do point out some ongoing events within the markets. 

Whether Binance is helping USDT regain its peg or if there is any other reason We need to wait and watch.