Shiba Inu (SHIB) has gained immense popularity among small and large investors. An unidentified wallet recently withdrew a staggering 12.3 trillion SHIB tokens from Crypto.com. This amounts to approximately $135 million in value. WhaleAlert, which monitors large crypto transactions, reported this development.
When investors transfer their assets from exchanges, it indicates their belief in the long-term prospects of the asset. Such a move reduces the likelihood of a sudden sell-off and can encourage others to hold on to their investments. In this case, the unknown wallet that withdrew a large amount of SHIB tokens from Crypto.com could belong to affluent individuals who expect the token’s price to rise.
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Another plausible explanation for the recent withdrawal of a significant amount of SHIB tokens from Crypto.com is that the wallet in question might actually belong to the exchange itself. Crypto.com may be relocating its SHIB balance within its platform. The exchange has a substantial amount of SHIB in its reserves, which was disclosed as part of its proof-of-reserves.
Despite the large movement of SHIB tokens, the price of Shiba Inu has remained relatively stable. The token is currently encountering resistance at $0.00001129 but has support at $0.00001050. Recently, SHIB experienced a decline in price due to rumors circulating about Shibarium’s code being a duplicate of Rinia’s. However, the token has since recovered from this setback and performs better.