According to Santiment, a whale transferred 24.9 trillion Shiba Inu (SHIB) tokens from an exchange to a self-custody wallet. The total value of the SHIB is a whopping $276 million. The wallet in question also holds 992 Ether.
🙀 $276M worth of #ShibaInu has been transferred from an exchange wallet to self custody wallet in 6 separate transfers today. This address has also been quickly accumulating #Ethereum since March 1st, possessing 992 $ETH alongside its now 24.94T $SHIB. https://t.co/7i0ua0pDIF pic.twitter.com/PfVUsXeHqc— Santiment (@santimentfeed) March 20, 2023
The Ethereum address from which the SHIB tokens were sent was identified as an address of Crypto.com. The tokens went via six separate transactions. Furthermore, Santiment noted that the whale wallet has been accumulating Ether since March 1. The address to which the Shiba Inu (SHIB) tokens were transferred is now the third-largest SHIB wallet in the world. Moreover, the new wallet is the largest Shiba Inu wallet, which is not part of an exchange.
According to data from WhaleAlert, the biggest transaction before the, was a $45 million transfer of 4.1 trillion Shiba Inu tokens to an unnamed wallet.
Is Crypto.com moving its Shiba Inu reserves?
Crypto.com has significant reserves of Shiba Inu. Moreover, it was unclear if Crypto.com is transferring its SHIB to a new wallet, or if another whale is doing the same with their tokens.
Crypto.com CEO, Chris Marszalek took to Twitter and explained the situation to the community. Marszalek mentioned, that standard custody activities are being carried out on the exchange. Additionally, the procedures are designed to protect the funds and it included moving trillions of Shiba Inu. According to the CEO, the actions taken should not have an impact on exchange customers, and a report on the assets of Crypto.com will be released soon.
Furthermore, Marszalek emphasized not spreading any FUD (fear, uncertainty, doubt).
As part of our usual custody operations to ensure continued safety and security, we will be rebalancing several assets across new addresses. This will have no impact for our customers and we have updated our asset dashboard on Nansen for full transparency. No need to FUD, thanks.— Kris | Crypto.com (@kris) March 20, 2023
On the other hand, SHIB’s price has once again entered the reds. At press time, the popular dog-themed cryptocurrency project was trading at $0.00001065. Shiba Inu is currently down by 3.7% in the weekly charts. Moreover, the token is down by 87.71% from its all-time high of $0.00008616, attained in October of 2021.
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