Unexpectedly, the market for cryptocurrencies sees a significant shift in Shiba Inu tokens within the well-known Crypto Com exchange. According to data from Etherscan, the exchange is said to have moved a whooping 2 trillion SHIB—or $78.5 million—between its hot wallets.
According to Arkham’s most recent data, the exchange’s hot wallets are now holding more than $100 million in total—2.979 trillion SHIB. More than two thirds of Crypto Com’s SHIB holdings were changed abruptly today, according to this historic transfer. Etherscan is the source.
Furthermore, according to 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 big shift is in line with a big spike in the SHIB price, which has increased by at least 4.2%. With a spectacular 174% spike, the meme-inspired cryptocurrency, which has been gathering pace since early March, is presently trading at $0.000035. With a market valuation of $20.3 billion, the Shiba Inu coin continues to be one of the top 10 crypto assets despite market swings.SHIB by CoinMarketCap to USD
SHIB fans are already rushing to comprehend the reasons behind Crypto.com’s substantial transfer. Could this just be a straightforward move of assets, or is the exchange setting itself up for a future spike in price? Reasons for this could be anything from regular asset transfers to impending market manipulation.