Amid the current price woes, a whale wallet has just acquired 692.4 billion Shiba Inu tokens from leading cryptocurrency exchange Crypto.com. The transaction was recorded by whale tracking resource Whale Alert and occurred at 3:18 AM UTC today, making it the largest Shiba Inu whale transaction this month. Data from Etherscan confirmed that the recipient address was an unknown whale wallet, while the sender address belonged to Crypto.com.
The transfer of more than $19.26 million worth of Shiba Inu tokens triggered reactions from market participants, especially bulls who were expecting a price recovery. It is worth noting that such transaction withdrawals usually involve transferring the coins to cold wallets for long-term holding.
That sentiment has been supported at a time when investors are looking for signs that could herald a recovery for the Shiba Inu. However, further investigation revealed that the transfer may actually have been an internal funds transfer conducted by Crypto.com.
Analysis of Whale Wallet
It is worth noting that although the recipient address is unknown, it is a multi-signature (Multisig) or contract wallet provided by Bitgo. Bitgo typically provides wallet services and products to individual investors and institutions to meet their storage needs.
However, Bitgo’s multi-signature wallets typically utilize smart contracts to allow for multiple receiving addresses. Such wallets, while open to all customer tiers, are typically used by institutions to manage their large token portfolios. This reduces the likelihood that the receiving wallet belongs to a single retail investor.
Additionally, further data suggests that this wallet may be associated with Crypto.com. Data from Arkham Intelligence confirms that the wallet’s balance currently totals $51.1 million worth of various crypto assets. Among them, SHIB has the largest weight, worth $19.5 million. This is not surprising as SHIB typically makes up the majority of Crypto.com’s holdings.
The associated Crypto.com token Cronus (CRO) is the second largest holding in the wallet, valued at $10.54 million. This further confirms the connection with the leading cryptocurrency exchange.
Shiba Inu whale movement amid price woes
Notably, the crypto community observed similar large-scale SHIB transfers from exchanges and retail investors. Crypto Basic reported on March 15 that more than 1.24 trillion SHIB tokens were transferred to exchanges that day. In addition, nearly 300 billion SHIB was transferred to Wintermute on March 8.
Recent data shows that trading platform Robinhood received 946 billion Shiba Inu tokens in multiple transactions on April 2. This deal, as well as the latest Crypto.com transaction, come amid ongoing bear market pressure.
Despite recording two consecutive days of slight growth, Shiba Inu is still trading at lower levels of $0.000028 and is currently trading at $0.00002830. In addition, SHIB’s trading volume increased by 18% to $578 million in the past 24 hours.
Disclaimer: This content is informational in nature only and should not be considered financial advice. The opinions expressed in this article may reflect the author’s personal opinions and do not necessarily reflect the opinions of The Crypto Basic. We encourage readers to perform thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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