In a significant development, a large amount of Shiba Inu tokens, worth 692.4 billion, has been transferred from Crypto.com to a whale wallet. This transaction, which took place at 3:18 AM (UTC) today, marks the largest Shiba Inu whale transaction of the month. The transfer has caught the attention of market participants, particularly those who are optimistic about a price recovery. Typically, such withdrawals are moved to cold wallets for long-term holding.
However, upon closer inspection, it appears that this movement may be a result of internal fund transfers conducted by Crypto.com. The recipient address is a Multi-signature (Multisig) or contract wallet provided by Bitgo, a company that offers wallet services to individual investors and institutions. These Multisig wallets, which allow for multiple receive addresses, are commonly used by institutions to manage large portfolios of tokens. This suggests that the recipient wallet does not belong to a single retail investor.
Furthermore, data indicates that the wallet may be associated with Crypto.com. Over the past three days, the wallet has received 208 transfers, all originating from Crypto.com. The balance on the wallet currently amounts to $51.1 million, with Shiba Inu tokens (SHIB) comprising the largest portion at $19.5 million. This is not surprising, as SHIB makes up a significant portion of Crypto.com’s holdings. The second largest holding in the wallet is Cronus (CRO), the Crypto.com-associated token, accounting for $10.54 million.
This movement of a large amount of Shiba Inu tokens is not unique, as similar transfers have been observed from exchanges and retail investors. On March 15, over 1.24 trillion SHIB tokens were moved to exchanges, and on March 8, nearly 300 billion SHIB tokens were transferred to Wintermute. More recently, trading platform Robinhood received 946 billion Shiba Inu tokens in multiple transactions on April 2. These transactions, along with the recent one from Crypto.com, have occurred during a period of consistent bearish pressure on Shiba Inu’s price.
Despite recording two consecutive days of mild gains, Shiba Inu’s price remains at a low level, currently trading at $0.00002830. However, there has been an 18% increase in trading volume over the past 24 hours, reaching $578 million.
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