Last updated on May 18th, 2024 at 12:11 pm
A huge number of SHIB tokens, up to 2 trillion, have been spotted moving between wallets initiated by the Crypto.com exchange. The mouthwatering transaction has caught the eye of observers in the crypto market.
In a recent turn of events, the Singapore-based cryptocurrency exchange, Crypto.com has made a significant move, transferring a staggering amount of Shiba Inu tokens between hot wallets.
2 trillion Shiba Inu tokens on the move
According to data from Etherscan, the exchange transferred a massive 2 trillion Shiba Inu (SHIB) tokens between its wallets in two separate transactions. The total value of these transactions is equivalent to about $78.5 million, according to the recent price of the token.
Per Arkham’s most recent data, the exchange’s hot wallets now hold over $100 million in total worth of Shiba Inu (about 2.979 trillion tokens). More than two-thirds of Crypto Com’s SHIB holdings were changed abruptly today, according to this historic transfer.
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Source: Arkham Intelligence
Furthermore, according to the latest CoinMarketCap estimates, the exchange has an even larger stake in SHIB, with holdings close to 4.3 trillion tokens, or almost $150 million.
This major move comes amid Shiba Inu’s (SHIB) impressive price reaction over the last 7 days. According to Coinstats data, SHIB has exhibited an impressive 31% increase in the last 7 days and continues to be one of the top trending cryptocurrencies in the market.
SHIB price reaction
Meanwhile, the price of Shiba Inu (SHIB) has grown by over 4% in the last 24 hours. The meme coin has been riding on the wave of bullish sentiment across the crypto market, currently trading at $0.00003396.
Furthermore, Shiba Inu has cemented itself on the #10 spot in the top 10 cryptocurrencies, coming after its closest rival Dogecoin (DOGE). In addition, over the last 24 hours, Shiba Inu has also witnessed a rise in its volume.
According to CoinMarketCap data, the Shiba Inu trading volume has spiked by over 15%, resting at $2.4 billion with a market cap of $20 billion.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.