Shiba Inu Coin News: Shiba Inu, the world’s second largest meme coin is facing a downward trend over the past 30 days despite the launch of its early Beta version of Shibarium. However, in the recent development, more than 24 trillion SHIB tokens have been moved from a crypto exchange have left the SHIBArmy confused. Is it a big whale move or something else is cooking?
Shiba Inu Price Pump Incoming?
As per the data provided by WhaleAlert, more than 24 trillion Shiba Inu coins (approx worth $272 million) have been moved from Crypto.com crypto exchange in multiple transactions over the past 24 hours. The biggest transaction recorded by the tracker has been of moving $45 million worth of 4.1 trillion SHIB tokens to an unknown wallet.
Meanwhile, these transactions haven’t affected the Shiba Inu price in any way. SHIB price is down by around 2% in the last 24 hours. However, other major meme coins are printing red indexes while the largest digital asset, Bitcoin price is on a surge.
Also Read: How Bitcoin Will Breach $1 Million? Ex-Coinbase CTO Clarifies
Whale Move Or Just A FUD?
Giving out an explanation over these mega transactions, Kris Marszalek, Crypto.com CEO stated that as a part of their usual custody operation in order to ensure safety and security, they are rebalancing several crypto assets. These assets will be sent to new addresses. He added that there will be no impact on the users while they have updated their asset dashboard for full transparency.
This suggests that these mega transactions were not some whale accumulation amid the price dip. However, Shiba Inu price is down by 21% in the last 30 days. SHIB is trading at an average price of $0.000011, at the press time. While its 24 hour trading volume is up by 1% to stand at $283 million.
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