Recently, a massive purchase of 692.4 billion Shiba Inu tokens was made from the well-known cryptocurrency exchange, Crypto.com, by a single whale wallet, despite the ongoing fluctuations in the token’s price.
This notable transaction was recorded by Whale Alert, a service that tracks large cryptocurrency transactions, at 3:18 AM (UTC) today, making it the biggest Shiba Inu whale transaction observed this month. According to Etherscan, the tokens were transferred to an unidentified whale wallet from Crypto.com.
Valued at over $19.26 million, this significant movement of Shiba Inu tokens has caught the attention of market watchers, especially those optimistic about a forthcoming price surge. Withdrawals of this nature are often interpreted as tokens being moved to secure cold storage as part of a strategy for holding them over an extended period.
Amidst speculation, this action has bolstered the hopes of many investors who are eagerly watching for indications of a Shiba Inu market comeback. Despite this, further analysis indicates that this transfer might simply be an internal rearrangement of funds by Crypto.com.
🚨 692,400,000,000 #SHIB (19,260,837 USD) transferred from #CryptoCom to unknown wallethttps://t.co/EanzRBG2jj
— Whale Alert (@whale_alert) April 8, 2024
Inside Look at a Whale Wallet’s Crypto Holdings
Interestingly, the destination wallet for this massive Shiba Inu transfer is a multi-signature (Multisig) or contract wallet, serviced by Bitgo. Bitgo is known for offering wallet solutions that cater to both individual investors and institutional needs for securely storing assets.
Bitgo’s Multisig wallets utilize smart contracts to enable transactions through multiple receiving addresses. While these wallets are accessible to customers of all levels, they are predominantly utilized by institutional clients to oversee their substantial token collections, minimizing the likelihood of this wallet being owned by a single, retail investor.
Further investigation reveals potential links between this wallet and Crypto.com. Over the last three days, this wallet has been the endpoint for 208 transfers, with a significant portion of these occurring in just the last three hours, all traced back to Crypto.com.
Currently, the wallet’s total value stands at an impressive $51.1 million across various cryptocurrencies, as reported by Arkham Intelligence. Shiba Inu tokens represent the bulk of this amount, tallying up to $19.5 million, reflecting Shiba Inu’s significant presence in Crypto.com’s asset portfolio.
Additionally, the wallet holds a considerable sum in Cronus (CRO) tokens, amounting to $10.54 million, making it the second-largest asset in the wallet. This detail further strengthens the connection to Crypto.com, marking it as a significant transaction involving the exchange.
Shiba Inu Whale Transactions Surge Despite Price Drops
The cryptocurrency community has taken notice of significant Shiba Inu token movements involving both exchanges and individual investors. On March 15, The Crypto Basic highlighted that a staggering 1.24 trillion SHIB tokens were transferred to exchanges. Furthermore, around 300 billion SHIB tokens were sent to Wintermute on March 8.
Robinhood, a well-known trading platform, acquired a whopping 946 billion Shiba Inu tokens through various transactions on April 2. This activity, including the recent transfer from Crypto.com, occurred despite ongoing downward trends in the market.
Although Shiba Inu has managed to secure slight gains for two consecutive days, its value continues to hover at the lower end, currently priced at $0.00002830. Additionally, there’s been an 18% increase in SHIB’s trading volume within the last day, reaching $578 million.
