In the early hours of today, the Shiba Inu community was rocked by a significant transaction as a whale wallet absorbed a staggering 692.4 billion Shiba Inu tokens from Crypto.com, making it the largest such transaction of the month. Valued at over $19.26 million and occurring at 3:18 AM (UTC), this move has sparked discussions among investors, particularly those hopeful for a bullish outcome for Shiba Inu amidst its price fluctuations.
Large token movements from exchanges typically signal a long-term storage strategy, often in cold wallets, indicating investor confidence in future market upturns. This transaction, coupled with the whale wallet’s recent flurry of transfers from Crypto.com, totaling 208 within three days, suggests close ties between the wallet and the platform. With a hefty portfolio now worth $51.1 million, including significant Shiba Inu holdings valued at $19.5 million, the connection to Crypto.com is further underscored.
The trading value of Shiba Inu (SHIB) currently stands at $0.00002872, experiencing a 1.63% uplift in the past 24 hours, alongside a minor setback of 0.85% over the previous week. Notably, SHIB has seen a surge in activity, with its 24-hour trading volume reaching $585.42 million, highlighting increased interest and liquidity in the market.
Furthermore, the presence of Cronus (CRO), closely linked with Crypto.com, as the second-largest asset in the wallet, strengthens the association with the exchange. These transactions shed light on the intricate dynamics of cryptocurrency exchanges and their management of digital assets, emphasizing the complex relationships within the crypto ecosystem.
READ MORE >> https://cryptotale.org/bitcoin-trader-discloses-5-7m-shiba-inu-profit-alongside-meme-coin-success/
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