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In a surprising turn of events, the cryptocurrency market witnesses a massive movement of Shiba Inu tokens within the renowned Crypto Com exchange. The exchange has reportedly transferred a staggering 2 trillion $SHIB between its hot wallets, equivalent to a whopping $78.5 million, per data from Etherscan.
Arkham's latest insights reveal that the exchange's hot wallets currently hold a total of 2.979 trillion $SHIB, surpassing the $100 million mark. This unprecedented transfer indicates that more than two-thirds of Crypto Com's $SHIB holdings were shifted unexpectedly today.
Moreover, recent reports on CoinMarketCap suggest that the exchange's position in $SHIB is even more substantial, with holdings nearing 4.3 trillion tokens, valued at nearly $150 million.
Shiba Inu ($SHIB) price outlook
This significant movement coincides with a notable surge in the $SHIB price, witnessing a 4.2% increase or more. The meme-inspired cryptocurrency, which has been gaining momentum since early March, is currently trading at $0.000035, marking a remarkable 174% surge. Despite fluctuations on the market, the Shiba Inu token maintains its position among the top 10 crypto assets, boasting a market capitalization of $20.3 billion.
$SHIB enthusiasts are now scrambling to understand the motivations behind Crypto.com's large transfer. Could it be simple asset relocation, or is the exchange positioning itself for a future price swing? Potential explanations could range from routine asset relocation to upcoming market manipulation.