In a recent turn of events, a whale wallet acquired a staggering 692.4 billion Shiba Inu tokens from the cryptocurrency exchange Crypto.com, despite the ongoing price fluctuations in the market.
This notable transaction, identified by Whale Alert and occurring at 3:18 AM (UTC), represents the most significant Shiba Inu whale activity observed this month, as verified by Etherscan.
The tokens, sent from Crypto.com, were deposited into an enigmatic whale wallet, sparking speculation and excitement among investors.
The move involved more than $19.26 million worth of Shiba Inu tokens, igniting discussions among market observers, especially those optimistic about a potential price rally.
Withdrawals of this nature are often associated with investors transferring assets to cold storage for long-term holding, reflecting a bullish sentiment amidst anticipations of a Shiba Inu market rebound.
Yet, further analysis suggests that this significant transaction could be an internal transfer within Crypto.com.
The destination wallet, though not publicly identified, operates under a Multi-signature (Multisig) framework or as a contract wallet serviced by Bitgo, which caters to both individual and institutional investors’ storage needs.
Given the smart contract capabilities allowing multiple receiving addresses and the wallet’s history of receiving 208 transfers predominantly from Crypto.com in just three days, the likelihood that this wallet belongs to a retail investor is slim.
Instead, it points to institutional use, possibly even directly linked to Crypto.com.
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Arkham Intelligence data reveals that this wallet’s holdings total $51.1 million across various cryptocurrencies, with SHIB being the predominant asset at $19.5 million.
The presence of Crypto.com’s native token, Cronus (CRO), as the second-largest holding, further strengthens the connection to the exchange.
This event is part of a larger trend of significant SHIB transactions, reflecting the broader market dynamics.
For instance, The Crypto Basic reported that over 1.24 trillion SHIB tokens were moved to exchanges on March 15, with another significant transfer to Wintermute on March 8.
Additionally, Robinhood was noted for acquiring 946 billion Shiba Inu tokens through several transactions on April 2, showcasing the ongoing exchange activities amidst a bearish market sentiment.
Despite these large-scale movements, Shiba Inu’s price has been struggling, currently hovering around the $0.00002830 mark.
However, the coin witnessed an 18% increase in trading volume within the last 24 hours, amounting to $578 million, hinting at a potential shift in market dynamics.
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