Advertisement
AD

Main navigation

Billions of Shiba Inu (SHIB) Surface on Key Korean Exchange: Sell-Off Incoming?

Advertisement
Thu, 30/11/2023 - 13:23
Billions of Shiba Inu (SHIB) Surface on Key Korean Exchange: Sell-Off Incoming?
Cover image via www.freepik.com
Read U.TODAY on
Google News

In a surprising turn of events, South Korea's leading cryptocurrency exchange, Upbit, witnessed an influx of Shiba Inu (SHIB) tokens today, totaling a staggering 84 billion SHIB, valued at over $700,000. 

Advertisement

The transactions, typically associated with sell-offs, took an unexpected twist, raising intriguing questions about Upbit's motives.

Related
Asian Crypto Traders Driving Force Behind Recent Crypto Trading Volume Spike

Contrary to the norm, the massive SHIB transfers occurred within the exchange's own deposits, minimizing external influences. The prevailing theory suggests that Upbit might be executing a strategic move to streamline its hot wallets, a process involving the reorganization of digital assets.

Is something brewing for SHIB on Upbit?

The sheer scale of today's movements is noteworthy, constituting more than 25% of the total SHIB volume on Upbit. This raises speculation about the exchange's underlying agenda, prompting questions about whether Korean's major CEX is gearing up for a significant development related to Shiba Inu.

""
Source: Etherescan

Shiba Inu, currently holding 100th place among all trading pairs on Upbit, boasts a trading volume of just over $2.7 million. The sizable transfers today, coupled with the cryptocurrency's relatively modest standing on the exchange, add an element of mystery to the situation.

Related
300 Billion Shiba Inu (SHIB) Received by Anonymous Whales: Who Is It?

As of now, the question looms: is Upbit laying the groundwork for a sell-off, or could these substantial movements be signaling a forthcoming Shiba Inu-related initiative? 

With over $700,000 in play, SHIB enthusiasts should keep an eye on and await the next chapter in this unexpected twist within the SHIB saga on Upbit.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles