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Over the past hour, an unusual Shiba Inu (SHIB) acquisition was spotted on-chain. Per data insight from the analytics platform Whale Alert, at least 818,460,000,000 SHIB were moved from the top Singapore crypto exchange Crypto.com. One unique twist to this transaction is that the funds were moved to anonymous wallets.
Big Shiba Inu buyup
The observed Shiba Inu transactions feature 1,636,940,000,000 SHIB worth $39,038,563 and moved to anon wallets from Crypto.com. The other four transactions also show similar transaction sizes but with a gradual slip in the quantity of the transferred sum.
Arman ShirinyanIdeally, when tokens are funneled out of an exchange like this, it often signifies accumulation, a trend that is a sign of a likely price surge in the future. Another unique twist associated with these latest SHIB transaction series emanated from CryptoCom, a trading platform unknown for most of the Shiba Inu ecosystem buzz.
Many might consider the timing of these accumulations odd, considering how the price of Shiba Inu has rallied in recent times. As of writing, Shiba Inu was changing hands for $0.00002377, up 2.2% in 24 hours, as trading volume also shows an uptick.
However, betting on the coin when the price is bullish proves there is strong confidence in the prospect of the token.
Collective SHIB whales validation
Beyond CryptoCom, Shiba Inu has recorded massive whale activities or high-volume trading on other top exchanges like Binance.
Tomiwabold OlajideThe meme coin remains in the spotlight as volatility has continued to define the growth pace of top assets. At the moment, Shiba Inu has maintained its ranking as the second largest in the market, boasting a $14.16 billion market capitalization.
Considering its ecosystem advances, analysts believe that SHIB has a bright future and might surge higher.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov