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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.