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News

$276M Shiba Inu Moved By Mystery Whale From Exchange To Self Custody

Author: Mehab Qureshi | March 21, 2023 12:38am

Nearly 25 trillion Shiba Inu (CRYPTO: SHIB) tokens, worth a quarter of a billion dollars, have been securely moved off one of the crypto exchanges and placed in cold storage, according to new on-chain data.

What Happened: According to crypto analytics firm Santiment, 24.9 trillion SHIB tokens were transferred into a self-custody wallet from Crypto.com exchange in over 6 transactions by an unknown Ethereum (CRYPTO: ETH) address.

The mysterious whale has been stockpiling ETH since March, Santiment said. The new address now holds the third-largest concentration of Shiba Inu tokens in the world.

The whale has also been rapidly accumulating ETH since the beginning of March, according to Santiment.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

It appears that Crypto.com is either segregating its SHIB tokens to a new wallet or alternatively, a large holder (whale) is transferring their tokens. The exact nature of the transaction remains unclear.

Kris Marszalek, CEO of Crypto.com tweeted, “As part of our usual custody operations to ensure continued safety and security, we will be rebalancing several assets across new addresses.”

Price Action: At the time of writing, SHIB was trading at $0.000010, down 0.82% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin Below $28K, Ethereum, Dogecoin Fall Ahead Of Fed Rate Decision: Analyst Pencils Key Levels For Apex Crypto 'Chopping Around'

Posted In: $ETH $SHIB

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