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.
Singapore-based crypto exchange platform Coinhako has found itself in the spotlight today due to massive movements of Shiba Inu (SHIB) tokens. Thus, over the past 24 hours, the exchange redistributed more than 441 billion SHIB, according to Arkham.
In particular, 253.69 billion SHIB were withdrawn from Coinhako’s hot wallet, worth around $1.58 million. From the cold wallet, meanwhile, 187.66 billion SHIB remain, equivalent to a value of about $1.17 million.
Why Singapore is dominating SHIB trading volume today
These actions can be considered a kind of response to increased demand for the Shiba Inu token, which in parallel is expanding gains to its price since the start of trading today. At the moment, SHIB is up 2.86%, however, during the day, the price of the meme cryptocurrency was rising by more than 8%.
In addition, Coinhako is one of the few licensed platforms in Singapore that supports direct trading of SHIB against Singapore dollars (SGD) and U.S. dollars. The exchange is actively increasing the share of institutional participants, who now account, according to the latest data, for about 60% of trading volume on Coinhako.
Large Shiba Inu transfers most likely indicate that major players in the Asian region are using Singapore’s Coinhako infrastructure for strategic accumulation and rebalancing of the wallets with the "hot" cryptocurrency.
As the SHIB token itself is trading in the area of $0.00000613, it is possible that today’s price jump was indeed driven precisely by anomalously high activity on one of the leading Asian venues, connected with increased demand for Shiba Inu.
Dan Burgin
Vladislav Sopov
