Transfers Massive 2 Trillion SHIB Tokens Between Wallets, What is Happening?

HomeMarket News Transfers Massive 2 Trillion SHIB Tokens Between Wallets, What is Happening?

Last updated on March 13th, 2024 at 07:37 pm

A huge number of SHIB tokens, up to 2 trillion, have been spotted moving between wallets initiated by the 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, 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 Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.