The recent transaction saw up to $1.7M in SHIB drained from the sending wallet to a Cryptocom-affiliated address.
Shiba Inu (SHIB) whale movements have remained persistent of late regardless of market conditions, as the network recently witnessed the transfer of 200,010,000,000 (200 billion) SHIB tokens valued at $1,744,087 ($1.7M) from an unknown wallet to an address affiliated with Singapore-based exchange Crypto.com.
Information from the Ethereum blockchain explorer, Etherscan, reveals that the transaction occurred today at 11:11 AM (UTC). With the tag Crypto.com 5, the recipient wallet is known to be associated with the centralized exchange Crypto.com. The wallet with a balance of $2,089,643 has received consistent transfers from several wallets, including accounts from American exchange Coinbase and DEX Bibox. Its central holding is in SHIB, with a balance of 236,398,272,911 SHIB ($2,061,392).
On the flip side, the sending wallet remains unidentified as press time. The recent outflow of 200 billion SHIB emptied the wallet, as its current balance is $0.26 worth of ETH tokens. Notwithstanding, Etherscan data reveals that the wallet has received constant inflows from several exchange-affiliated wallets in the past months, including wallets belonging to Gemini, KuCoin, and Binance. All outflows, however, go to Crypto.com wallets.
Since there is currently limited information on the sending wallet, an affiliation with Crypto.com, like the recipient wallet, is not an illogical assumption. Both wallets have transacted in Shiba Inu the most, further highlighting Crypto.com’s apparent affinity to SHIB. The exchange revealed through its Proof of Reserves disclosure that it holds up to $558M worth of SHIB, The Crypto Basic reported last month. Its SHIB holdings were noticed to be higher than ETH.
Persistent SHIB Whale Movements
Meanwhile, the latest SHIB transaction involving the Crypto.com wallet is one of the recent whale movements the Shiba Inu community has witnessed. These whale transactions have been consistent regardless of the direction of the market. Last Friday, a new wallet accumulated up to 2.6 trillion SHIB when the asset was trading on unpropitious grounds.
On December 14, Binance also moved over 1.89 trillion SHIB tokens to various wallets in 24 hours. On the same day, a new whale address amassed a whopping 1.92 trillion SHIB. Due to this accumulation trend, SHIB was ranked as the sixth-largest asset held by the top 100 Ethereum whales, per data from WhaleStats.