A significant transaction took place in the cryptocurrency market as a whale wallet acquired a staggering 692.4 billion Shiba Inu tokens from the prominent exchange Crypto.com. Whale Alert, a resource that tracks large transactions, recorded this event at 3:18 AM (UTC) today, making it the biggest Shiba Inu whale transaction this month. Data from Etherscan confirms that the recipient address is an unknown whale wallet, while the sending address belongs to Crypto.com.
This transfer, which amounted to over $19.26 million worth of Shiba Inu tokens, has generated a reaction from market participants, particularly bullish investors who anticipate a price recovery. Typically, withdrawals from exchanges involve the movement of tokens to cold wallets for long-term holding (HODLing). This sentiment has gained traction as investors are searching for signs that could indicate a potential Shiba Inu resurgence. However, further investigation suggests that this movement may be due to internal fund transfers conducted by Crypto.com.
Analyzing the Whale Wallet, it is important to note that the recipient address, although unknown, is a Multi-signature (Multisig) or contract wallet provided by Bitgo. Bitgo offers wallet services and products to individual investors and institutions to fulfill their storage needs. Multisig wallets from Bitgo use smart contracts to allow multiple receive addresses. While these wallets are available to all customer tiers, they are primarily used by institutions to manage their extensive token portfolios, reducing the likelihood of the recipient wallet belonging to a single retail investor.
Furthermore, additional data indicates that the wallet could be associated with Crypto.com. This wallet received 208 transfers in the past three days, with most of these transactions occurring in the last three hours. Interestingly, all of these transactions originated from Crypto.com. The wallet currently holds a balance of $51.1 million worth of various cryptocurrencies, according to data from Arkham Intelligence. Among these assets, SHIB has the largest weight, amounting to $19.5 million. This is not surprising, as SHIB comprises a significant portion of Crypto.com’s total holdings. The second-largest holding in the wallet is Cronus (CRO), the token associated with Crypto.com, accounting for $10.54 million. This further confirms the affiliation with the leading crypto exchange.
Large movements of Shiba Inu tokens from exchanges and retail investors have been observed in the crypto community. On March 15, over 1.24 trillion SHIB tokens were transferred to exchanges, as reported by Crypto Basic. Additionally, nearly 300 billion SHIB tokens were moved to Wintermute on March 8. More recently, data revealed that trading platform Robinhood acquired 946 billion Shiba Inu tokens through multiple transactions on April 2. These transactions, including the recent one from Crypto.com, occurred during a period of consistent bearish pressure.
Despite recording two consecutive days of slight gains, Shiba Inu remains at the lower end of the $0.000028 level and is currently trading at $0.00002830. Moreover, SHIB has seen an 18% increase in trading volume over the past 24 hours, reaching $578 million.
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