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.
In an unexpected event, Whale Alert‘s recent report has uncovered a staggering transfer of 692.4 billion Shiba Inu (SHIB) tokens, valued at $19.26 million, from the hot wallet of Crypto Com, a leading cryptocurrency exchange. The destination? An undisclosed address, shrouded in mystery.
However, scrutinizing the on-chain data, it appears that the recipient of this colossal transfer is none other than BitGo, a prominent digital asset trust and security firm headquartered in California. The address, “0xe3B,” suspected to belong to BitGo, now holds a substantial portfolio worth $52.96 million, including the newly transferred SHIB tokens.
Notably, SHIB tokens have now taken the top spot in this portfolio, surpassing even the native Crypto Com token, CRO, valued at $10.83 million. This hints at a significant interplatform transaction, dispelling notions of a solitary whale withdrawing tokens from the exchange.
Interestingly, this massive transfer occurred amid a period of growth for the Shiba Inu token, with its price chart exhibiting optimistic signs. The current trend resembles a double bottom formation, with the token’s price consolidating around $0.0000264 after an unsuccessful attempt to breach the $0.00003 mark. Analysts speculate that a breakthrough could propel SHIB’s price as high as $0.000046.
The timing of this transfer raises eyebrows, leaving the cryptocurrency community speculating about its potential implications on SHIB’s price trajectory. Could this enigmatic movement signal a forthcoming surge in value, or does it hint at broader strategic maneuvers within the crypto space?
