Shiba Inu Sees Outflow Of $270 Million From Crypto.com, Bullish Sign?
Data shows that around $270 million worth of Shiba Inu has left the wallets of Crypto.com, which could prove bullish for the meme coin.
A huge amount of Shiba Inu has left Crypto.com
According to data from the cryptocurrency transaction tracking service Whale alertsix large SHIB transfers have been spotted on the Ethereum blockchain in the last few hours.
Curiously, all of these transactions saw the same amount of coins move across the network: 4,156,580,418,372 SHIB. These transfers also happened close to each other, but there was still a smaller time gap between them.
Although the transactions may have involved an equal number of coins, their USD values (at the time they were executed) were not the same due to this small time difference, during which the SHIB price saw fluctuations.
On average, these transfers saw the movement of SHIB worth around $45 million, which are quite significant amounts. There are only two entities in the market that can make transactions so large: whales and exchanges.
The former’s movements can be something to watch out for, as they can have a noticeable influence on the market. However, the latter often have no impact on the price as they are usually internal exchange wallet transactions.
Now, here are some additional details about the first major SHIB transfer that took place today, which may reveal more about its purpose:
This SHIB transfer only needed a fee of $1.29 to go through on the Ethereum network | Source: Whale Alert
As you can see above, the sender address for this Shiba Inu transaction was a wallet linked to the cryptocurrency exchange Crypto.com, while the recipient address was an unknown address.
Unknown addresses are usually addresses that are not associated with any known centralized platform, meaning they are likely investors’ personal wallets.
Similarly, the other five transactions observed today also had coins moved between Crypto.com and an unknown address. In fact, the sending and receiving wallets involved in all six transfers were exactly the same, suggesting that the same entity was behind them all.
Such transactions, where coins move from an exchange to an unknown address, are called “exchange exits”. Typically, investors make outflows when they want to hold onto their SHIB stacks for a longer period of time.
This suggests that if a whale was indeed behind this transfer, then the price of the Shiba Inu could feel a bullish effect from this, as it would imply strong accumulation from the holder.
But since the total sum involved here is around $270 million and the amount moved in such a short time, the transactions made by Crypto.com itself is also a valid possibility.
In the scenario that these transfers were made by the exchange itself, SHIB would either see no consequences from this or a bearish effect, depending on whether the platform unloads these coins or not.
SHIB Price
At the time of writing, Shiba Inu is trading around $0.00001076, up 2% in the last week.
SHIB has declined during the past day | Source: SHIBUSD on TradingView
Featured image from Ferhat Deniz Fors on Unsplash.com, chart from TradingView.com
