Big Wallet Gulps 692,400,000,000 Shiba Inu from CryptoCom

A whale wallet just gulped 692,400,000,000 (692.4 billion) Shiba Inu tokens from leading crypto exchange Crypto.com amid the prevailing price struggles.

The transaction, indexed by whale-tracking resource Whale Alert, occurred today at 3:18 AM (UTC), marking the largest Shiba Inu whale transaction this month. Data from Etherscan confirms that the recipient address is an unknown whale wallet, while the sending address belongs to 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

The transfer, which moved over $19.26 million worth of Shiba Inu tokens, has sparked a reaction from market participants, particularly bulls expecting a price recovery. Notably, such exchange withdrawals typically involve movements to cold wallets for long-term HODLing.

This sentiment has gained traction during a period when investors are on the lookout for signs indicating a potential Shiba Inu resurgence. However, a deeper investigation suggests that the movement may actually be attributable to internal fund transfers conducted by Crypto.com.

Analysis of the Whale Wallet

Notably, the recipient address, though unknown, is a Multi-signature (Multisig) or contract wallet provided by Bitgo. Bitgo typically offers wallet services and products to individual investors and institutions to cater for their storage needs.

However, the Multisig wallets from Bitgo typically leverage smart contracts to permit multiple receive addresses. Such wallets, while open to all customer tiers, are typically used by institutions to manage their large portfolio of tokens. This reduces chances of the recipient wallet belonging to a single retail investor.

In addition, further data indicates that the wallet could be associated with Crypto.com. This wallet has received 208 transfers over the last three days, with most of these transactions occurring in the past three hours. Interestingly, all these transactions originated from Crypto.com.

The balance on the address currently amounts to $51.1 million worth of multiple crypto assets, data from Arkham Intelligence confirms. Of this value, SHIB has the largest weight, amounting to $19.5 million. This is unsurprising, as SHIB generally makes up a large part of Crypto.com’s total holdings.

Meanwhile, Cronus (CRO), the Crypto.com-associated token, is the second largest holding in the wallet, accounting for $10.54 million. This further confirms the affiliation with the leading crypto exchange.

Whale Shiba Inu Movements Amid Price Struggles

Notably, the crypto community has observed similar large SHIB movements from exchanges and retail investors alike. The Crypto Basic reported on March 15 that over 1.24 trillion SHIB tokens moved to exchanges on that day. In addition, nearly 300 billion SHIB moved to Wintermute on March 8.

More recently, data revealed that trading platform Robinhood gulped 946 billion Shiba Inu tokens across multiple transactions on April 2. This transaction, as well as the latest Crypto.com, emerged amid consistent bearish pressure.

Despite recording two consecutive days of mild gains, Shiba Inu still remains at the lower spectrum of the $0.000028 level, currently changing hands at $0.00002830. Moreover, SHIB has seen an 18% rise in trading volume over the past 24 hours to $578 million.

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