In a surprising turn of events, the cryptocurrency market has been rocked by a massive movement of Shiba Inu tokens within the renowned Crypto.com exchange. Reports indicate that the exchange has transferred an astounding 2 trillion SHIB between its hot wallets, equivalent to an eye-watering $78.5 million, according to data from Etherscan.
Arkham’s latest insights reveal that the exchange’s hot wallets currently hold a total of 2.979 trillion SHIB, surpassing the $100 million mark. This unprecedented transfer signifies that more than two-thirds of Crypto.com’s SHIB holdings were unexpectedly shifted today.
Furthermore, recent reports on CoinMarketCap suggest that the exchange’s position in SHIB is even more substantial, with holdings nearing 4.3 trillion tokens, valued at nearly $150 million.
This significant movement has coincided with a notable surge in the SHIB price, witnessing a 4.2% increase or more. The meme-inspired cryptocurrency, which has been gaining momentum since early March, is currently trading at $0.000035, marking a remarkable 174% surge. Despite market fluctuations, the Shiba Inu token maintains its position among the top 10 crypto assets, boasting a market capitalization of $20.3 billion.
SHIB enthusiasts are now scrambling to decipher the motivations behind Crypto.com’s large transfer. Speculations abound: Could it be a simple asset relocation, or is the exchange positioning itself for a future price swing? Potential explanations could range from routine asset management to preparations for potential market manipulation.
The Shiba Inu community, known for its fervent support of the cryptocurrency, eagerly awaits further developments. As the digital asset landscape continues to evolve, with volatility and unpredictability becoming the norm, such movements within major exchanges serve as a reminder of the intricate dynamics at play in the crypto sphere.
Shiba Inu Chart Analysis: Symmetrical Triangular Pattern Unveiled
Cryptocurrency analyst Ali Martinez has highlighted a symmetrical triangular pattern on the 4-hour SHIB price chart, suggesting a bullish breakout above the $0.000038 resistance level. Amidst March’s volatility, the SHIB market depicted a triangle formation, indicating potential upward movement to $0.000052 or a bearish trend if it declines.
Martinez’s analysis underscores the significance of SHIB’s price movements, with attention focused on its potential breakout or downturn. Traders are closely monitoring the triangle formation, anticipating a surge past the resistance level or a bearish reversal amid heightened volatility.
For now, all eyes remain fixed on Crypto.com and its strategic maneuvering with SHIB tokens, as traders and investors brace themselves for potential shifts in the market.