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Shiba Inu Just Recorded One of Its Highest Daily Large Holders Inflow in History

Albert Brown
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Shiba Inu Just Recorded One of Its Highest Daily Large Holders Inflow in History

Shiba Inu witnesses an astronomical spike in large holders inflows, representing one of the highest daily figures in its history.

The broader crypto market has entered a discouraging retracement phase that has triggered massive declines in prices, with Shiba Inu also suffering some of the burns. For context, SHIB collapsed by 9.38% yesterday, Jan. 7, marking its highest intraday loss since Dec. 19, 2024. 

Shiba Inu Sees Massive Large Holders Netflow 

Despite this bearish phase, on-chain data confirms that the dog-themed meme coin experienced a remarkable event yesterday. Notably, on Jan. 7, 2025, Shiba Inu recorded large holders netflows worth a whopping 33.59 trillion tokens valued at $739 million at current prices.

Shiba Inu Large Holders Inflow IntoTheBlock
Shiba Inu Large Holders Inflow | IntoTheBlock

To put things into perspective, this figure represents about 5.7% of the entire Shiba Inu circulating supply, indicating the magnitude of the accumulation. In addition, the data marks one of the highest large holders inflow figures witnessed by Shiba Inu in all of its history. 

For context, until now, daily large holders inflows have averaged 600 billion SHIB over the past few months. Despite occasional spikes, the figure remained below 30 trillion SHIB throughout 2024, with a rare spike recorded on March 2, 2024, when inflows hit a high of 24.79 trillion tokens amid the price rally at the time.

The last time SHIB witnessed a daily large holders inflow above the 30 trillion mark was in July 2021, nearly four years ago. During this period, the Shiba Inu market was relatively newer, and large holders periodically moved large volumes of tokens due to the lower price.

Here’s What Happened 

Interestingly, the latest 33.59 trillion inflow figure has triggered speculation around a whale accumulation pattern among market participants. However, previous reports from The Crypto Basic suggest this might not be the case.

Notably, The Crypto Basic confirmed that an in-house fund shuffling from leading crypto exchange Crypto.com contributed to the 33.59 trillion figure. Specifically, Crypto.com alone moved over 32 trillion Shiba Inu tokens across 20 transactions to a single unidentified wallet, triggering the latest spike in large holders inflow.

However, market data indicates that the recent inflow had no effect on Shiba Inu’s price, possibly due to the nature of the Crypto.com transactions. For context, the broader market slump also resulted in a Bitcoin (BTC) drop to $96,000, leading to massive liquidations worth about $627 million in 24 hours. 

Of this figure, Shiba Inu liquidation amount accounted for $1.57 million, with most of it, around $1.39 million, belonging to long positions. The SHIB downturn has spilled into today, with the asset down 0.75% this morning, currently trading for $0.00002163.

Top Media Personality Predicts XRP Price for 2025

Abdulkarim Abdulwahab
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Top Media Personality Predicts XRP Price for 2025

Layah Heilpern, a media personality and host of The Layah Heilpern Show, recently lent her voice to the growing list of XRP predictions for 2025.

In a tweet, Heilpern disclosed her outlook for the four leading cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP.

Heilpern’s 2025 Outlook for XRP

As for XRP, she argued that the second-biggest altcoin could attain an unprecedented price level of $4. Notably, XRP is currently worth $2.33, with a 10% gain over the past week.

Reaching the $4 mark proposed by Heilpern would require a growth of 67.36%. While this percentage is relatively low, XRP has faced significant hurdles to further upside over the past four weeks. The asset has remained in a holding pattern, experiencing consistent dips and recoveries but failing to establish a major rally.

However, considering XRP’s performance in November 2024, a 67% upsurge is attainable for the token, even within a 24-hour window. Despite this reality, it is important to note that the market can behave erratically.

Bitcoin and Ethereum Price Predictions for 2025

As for Bitcoin, Heilpern projects that the leading asset will climb to $200K this year. With Bitcoin currently trading at $99,500, this would represent an additional 101% gain from its current level. 

Similarly, for the altcoin market leader, Ethereum, she predicts a high price of $7,000. This would also signify a 92% gain for Ethereum this year.

Analyzing XRP Potential Relative to BTC and ETH

Notably, Heilpern’s predictions suggest that she expects XRP to underperform Bitcoin and Ethereum in the 2025 bull market. However, historical data suggests that XRP has a higher tendency to outperform the duo in a major bull run.

For instance, looking at the three assets on a weekly timeframe shows XRP as a better performer. XRP has surged by 15% in the last seven days, while Bitcoin and Ethereum have seen only half that growth in the same timeframe.

Moreover, a look at XRP’s performance over the last two months shows the altcoin boasts a 336% increase, more than ten times the figures for BTC and ETH.

XRP perfomance relative to Bitcoin and Ethereum
XRP performance relative to Bitcoin and Ethereum | CoinMarketCap

Essentially, in a market where Bitcoin could trade as high as $200K, commanding a market cap of around $4 trillion, XRP is expected to see its value far beyond $4. Other market commentators have predicted double-digit prices are within reach for XRP in the 2025 bull run.

Interestingly, while some pundits, like Heilpern, believe $4 to $5 is where XRP will peak this season, more ambitious observers argue that this range represents a more near-term outlook.

Notably, Heilpern also suggested that Solana could reach $550 this year, implying a substantial 154% upside from its current price of $216.

Here’s How Low XRP Can Go: Analyst Shares Next Support After Fake Out

Elendu Benedict
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Here’s How Low XRP Can Go: Analyst Shares Next Support After Fake Out

With XRP and the crypto market entering another correctional phase, a notable market analyst has shared the next major support for XRP.

XRP joined a broader market downturn on Tuesday, correcting over 6% from its intraday high of $2.46. Although the XRPL native token pushed for higher prices during the Asian trading session today, it has relinquished most of its gain as of this writing.

Meanwhile, notable market analyst Nebraskangooner has suggested the likely support XRP will find solace in. In a January 7 tweet, he asserted that the fourth-largest crypto asset could further correct 12% to a crucial demand level.

Analyst Says XRP’s Back Consolidating After Fake Out

In his commentary, Nebraskangooner stated that XRP is back consolidating within its falling wedge price pattern. He insinuated that the token faked a breakout from the structure after a daily close on January 3.

An accompanying chart shows that XRP consolidated above the tip of the bullish flag pattern for three consecutive days before yesterday’s sharp decline. With the dump, the market speculator stated that XRP would target an over 12% correction to the $2 support zone now it is back inside the range.

XRP Fake Out

Notably, the huge demand wall around the $2 price level has repeatedly served as crucial support for XRP. For context, the coin bounced from the region on December 10 and 20 after a proper market capsize.

What’s Next for XRP?

Meanwhile, analyst Egrag Crypto had earlier mentioned that XRP would continue to range within its micro levels until a break to price discovery. The analyst insisted that “it is all noise” between $2.00 and $2.65.

Although the asset attempted to reach the upper range band, its foray lost steam amid a broader market correction. For context, XRP grew to an intra-month high of $2.50 four days ago but has corrected over 7% since then.

Nonetheless, a break above the $2.65 range will see XRP surge to $3.55 and $3.77. However, if it breaks below the lower range, the asset could correct further to $1.64 and $1.37.

In the meantime, XRP trades at $2.30, up 1.35% since today.

Shiba Inu Wallets with Balance Hit New All-Time High of 1.38M as SHIB Adds 100K Holders in 2024

Sam Wisdom Raphael
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Shiba Inu Wallets with Balance Hit New All-Time High of 1.38M as SHIB Adds 100K Holders in 2024

Shiba Inu wallets with balance have reached a new all-time high after the ecosystem welcomed about 100,000 holders in 2024 alone.

This is according to data from blockchain analytics resource IntoTheBlock. Notably, the rapid growth occurred amid a notable price performance throughout 2024, which saw SHIB go from $0.00001 to battling the $0.00003 level.

Shiba Inu Wallets with Balance Hit New ATH

Specifically, IntoTheBlock data indicates that Shiba Inu wallets holding a balance have increased to 1.38 million as of Jan. 7. This figure marks an all-time high for this tier of addresses, which stood below the 1.3 million mark just a year ago.

For the uninitiated, addresses with balance refer to wallets that hold SHIB tokens within them, as opposed to those with no tokens at all. This metric is a better approach to gauge ecosystem growth, as it shows active participation. 

In contrast, “total addresses” can be inflated by unused or inactive wallets, providing a less accurate measure of growth. To put things into perspective, total Shiba Inu addresses have increased to 4.54 million, factoring in 3.16 million addresses with zero balance. This number also represents an all-time high.

Shiba Inu Addresses IntoTheBlock
Shiba Inu Addresses | IntoTheBlock

Meanwhile, further data from IntoTheBlock shows that the number of addresses with balance stood at 1.28 million at the start of 2024, indicating that the Shiba Inu ecosystem added about 100,000 of these wallets in 2024 alone, leading to the 1.38 million figure.

This builds on a consistent growth trend evident since the launch of the token in August 2020. Interestingly, the number of wallets with balance was still under 1 million a year after Shiba Inu’s launch, amounting to 630,000 as of August 2021. 

Shiba Inu Daily Address Growth in 2024

The current figure of 1.38 million indicates that Shiba Inu has added 750,000 addresses with balance in less than four years. Notably, the latest spike in growth rate is reflected in a surge in new Shiba Inu addresses in Q4 2024. 

On average, Shiba Inu welcomed an average of 1,500 addresses daily in 2024. However, this rate spiked to a peak of 21,290 addresses on March 5, 2024, coinciding with Shiba Inu’s price run to $0.000045. After this spike, the daily rate stabilized back to the 1,500 average until the fourth quarter of the year.

During this period, Shiba Inu embarked on an impressive price run, catalyzing an equal spike in new addresses. Throughout Q4 2024, daily new addresses averaged 3,500, contributing to the increase in total wallets by the end of the year.

Shiba Inu New Addresses IntoTheBlock
Shiba Inu New Addresses | IntoTheBlock

Besides the new milestone in wallets with balance, Shiba Inu also observed an impressive growth in price. Having begun 2024 at $0.000010, Shiba Inu closed the year with a price of $0.00002114 despite turbulence in December. This marked a 104% increase in 2024, representing its second most bullish year since launch.

Top Portuguese Bank BiG Now Blocking Crypto Transfers, Cites AML Risks

Albert Brown
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Top Portuguese Bank BiG Now Blocking Crypto Transfers, Cites AML Risks

A prominent Portuguese bank, Banco de Investimentos Globais (BiG), has taken a step to restrict fiat transfers to crypto platforms. 

According to a post shared by José Maria Macedo, the founding partner of Delphi Ventures, the bank issued a notice stating that transactions to accounts associated with crypto trading platforms, such as Payward Ireland Ltd., would be declined. 

BiG Cites AML and CTF Compliance 

BiG emphasized its commitment to anti-money laundering (AML) and counter-terrorism financing (CTF) obligations as a rationale for blocking these transactions.

The bank underscored the risks associated with virtual asset trading in a notice. It highlighted the European Central Bank, the European Banking Authority, and the Bank of Portugal as sources of guidance. 

To mitigate these risks, BiG stated it would conduct due diligence in accordance with its risk management policies. These measures include monitoring transactions involving virtual asset platforms and, when necessary, refusing to process such transactions.

This move marks a shift for Portugal, which has traditionally been regarded as a crypto-friendly nation. The decision comes as part of broader regulatory efforts to ensure compliance with international financial standards and safeguard the banking system from potential misuse.

Portugal’s Taxation Policy 

The bank’s decision follows previous changes in Portugal’s taxation policy on crypto holdings. In 2022, the country introduced a 28% capital gains tax on crypto assets held for less than one year.

Notably, long-term holdings—those maintained for over 365 days—remained exempt from taxation, providing some relief to investors. However, tokens classified as securities or those originating from specific jurisdictions face different tax treatments.

European Long-term Regulatory Trends

Additionally, BiG’s restrictions reflect broader European trends, where authorities are intensifying oversight of digital assets. Banks and exchanges face growing pressure to adapt to evolving regulatory frameworks, prompting operational changes across the sector.

For instance, in 2021, Binance, a global crypto exchange, adjusted its services in Europe to align with regional regulations. The exchange discontinued futures and derivatives trading for users in Germany, Italy, and the Netherlands. The company stressed that compliance facilitates broader adoption by fostering trust in the crypto market.

Here’s the Worth of 1 Shiba Inu If SHIB’s Market Cap Reaches $300B, $700B, or $1T

Lele Jima
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Here’s the Worth of 1 Shiba Inu If SHIB’s Market Cap Reaches $300B, $700B, or $1T

If Shiba Inu’s market cap surges to $300 billion, $700 billion, or $1 trillion, SHIB could eliminate up to two zeros after its decimal point.

Shiba Inu (SHIB) has a reputation of delivering massive returns, as seen in the 2020/2021 bull cycle when it surged over 150 million percent in 14 months. Despite its recent underperformance, investors are still confident in SHIB’s prospects for huge rallies.  

According to CoinMarketCap data, Shiba Inu is up 5.2% over the past day to $0.00002450. It is ranked as the 15th biggest cryptocurrency globally, with a market cap of $14.45 billion. 

Shiba Inu’s Price if Its Market Cap Hits $300B, $700B, or $1T 

Even though Shiba Inu is currently trading below its March 2024 peak of $0.000045, investors and analysts are confident about the asset’s potential for massive surge. 

These enthusiasts project that Shiba Inu could rally to unprecedented levels, potentially taking its market cap to $300 billion, $700 billion, or $1 trillion. 

Amid these projections, we estimated how much one Shiba Inu token will be worth if SHIB valuation soars to these targets. 

Shiba Inu Price at $300B Market Cap 

Reaching the $300 billion market cap requires a rally of 1,976% from the current valuation of $14.45 billion, surpassing XRP’s valuation of $140.54 billion. 

At a $300 billion market cap, the price of one SHIB token will be worth $0.0005. This estimation assumes that Shiba Inu’s circulating supply does not change from the current figure of 589.25 trillion. 

It is worth mentioning that several experts have predicted Shiba Inu’s potential surge to the $0.0005 mark. Last month, famous crypto chartist Big Mike forecasted that Shiba Inu could hit the $0.0005 target if it successfully overcomes a complex web of Elliot Wave structures.  

Shiba Inu Price at $700B Market Cap 

For Shiba Inu to clinch a $700 billion market cap, it must surge 4,744% from the current valuation. Achieving this feat will position Shiba Inu as the second-biggest crypto in the world, as SHIB will potentially usurp Ethereum (ETH) from this spot. 

Shiba Inu will trade at $0.0011 per token if this happens, assuming the 589.25 trillion circulating supply remains stable. 

The $0.0011 target is not new to Shiba Inu community members, as top experts have provided timelines regarding when SHIB could surge to this level. According to TradingView analyst Krao, Shiba Inu will hit the $0.001 target in the first quarter of this year. 

However, Changelly experts believe it could take longer. The platform’s updated report shows that the $0.0011 projection will come to fruition by 2033.  

Price of Shiba Inu At a $1T Valuation 

Shiba Inu will still rank behind Bitcoin even if it successfully archives a trillion-dollar valuation. However, the impact will be felt on the price, as SHIB’s value would soar massively. 

This $1 trillion market cap projection gained momentum last year after Shiba Inu lead Shytoshi Kusama emphasized that he aims to make SHIB the first trillion-dollar decentralized entity globally.  

To hit a $1 trillion valuation, Shiba Inu must soar 6,820% from the current level of $14.45 billion. Applying this growth rate to SHIB’s price will see the token trade at approximately $0.0017, assuming the circulating supply is static at 589.25 trillion. 

Changelly experts believe SHIB will clinch this target within the first two months of 2040, precisely 15 years from now. 

For context, this estimation is speculative; hence, Shiba Inu is not guaranteed to hit a valuation of $300 billion, $700 billion, or $1 trillion, respectively. 

Even though Shiba Inu has witnessed greater rallies in the past, reaching these lofty targets requires the alignment of several factors, particularly massive token burns and increased adoption among retail and institutional clients. 

Dogecoin Plummets by 10% Amid Bearish Sentiment, But Analyst Sees Contrarian Opportunity

Albert Brown
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Dogecoin Plummets by 10% Amid Bearish Sentiment, But Analyst Sees Contrarian Opportunity

While Dogecoin (DOGE) has fallen by over 10% in the last 24 hours, analyst Ali Martinez highlights a promising sign for investors amid heightened negative sentiment toward the meme coin.

As of January 8, DOGE is trading at $0.3492, reflecting a 10.45% decrease in the last 24 hours. Despite gaining 11.34% over the past week, the meme coin shoulders a 22% decline over the last 30 days.

Following this downturn, Martinez shared data suggesting that reduced social media hype and negative market sentiment played a key role in this decline.

Bearish Sentiment Takes Hold of Dogecoin

Martinez shared data showing Dogecoin’s social metrics have weakened, with reduced hype and negative sentiment dominating market perceptions. Social volume, which tends to surge during price spikes, has specifically dropped. 

On January 5, Dogecoin’s social volume stood at 486, a notable decrease from peaks in November 2024, when heightened activity coincided with price rallies. Weighted social sentiment also turned negative, with a current reading of -0.596569. Martinez interpreted this as a sign of bearish market sentiment, with skepticism about Dogecoin’s upside potential remaining high.

Could it Be a Promising Sign for Dogecoin Investors?

Meanwhile, Martinez further mentions that this outlook could present an opportunity for investors to take an opposing stance. Contrarian investors typically act against the crowd by buying when others are selling, capitalizing on undervalued assets.

Derivative Data Reflect Mixed Trends

Reinforcing this bearish narrative, derivative and futures market activity for Dogecoin reveal heightened trading volumes but reduced open interest. DOGE’s derivative trading volume surged by 90.88% to $11.29 billion, reflecting increased activity amid price volatility. 

However, open interest in derivatives dropped 12.51% to $3.60 billion, suggesting traders may have closed or liquidated positions during recent downturns.

Options trading metrics also presented a mixed picture. While options volume fell by 21.16%, settling at $175.83 million, options open interest rose significantly by 32.83% to $613.96K. 

Dogecoin Derivative Data / CoinGlass
Dogecoin Derivative Data / CoinGlass

Shift Toward Short-term Trading

Further, Dogecoin’s balance distribution data reveals a shift in market behavior, with a notable rise in short-term speculative activity. Long-term holders, or “hodlers,” saw their balances decline by 2.67%. 

Dogecoin Balance Distribution / IntoTheBlock
Dogecoin Balance Distribution / IntoTheBlock

Medium-term holders, categorized as “cruisers,” experienced a significant 11.81% decline in holdings. In contrast, traders holding DOGE for less than a month increased their activity by 107.45%, underscoring a shift toward short-term speculation.

Court Grants Coinbase Request for Immediate Appeal in SEC Case

Lele Jima
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Court Grants Coinbase Request for Immediate Appeal in SEC Case

Popular pro-XRP legal expert Jeremy Hogan reacts to the recent development in the SEC v. Coinbase lawsuit, where a federal judge granted the exchange’s interlocutory appeal request. 

In a startling development, District Judge Katherine Polk Failla granted Coinbase the request to pursue an interlocutory appeal in its lawsuit against the SEC. The judge paused the remaining part of the case until the Second Circuit addressed the interlocutory appeal. 

As usual, Coinbase Chief Legal Officer Paul Grewal called the public’s attention to the development in an X post yesterday. Grewal expressed gratitude to the court for granting the exchange’s motion for leave to pursue an interlocutory appeal. 

Coinbase Latest Decision 

Notably, the interlocutory appeal revolves around whether an investment contract requires an actual contract. The judge suggested that this issue presents “a controlling question of law” regarding how the Howey Test, a longstanding security test in the United States, is applied to crypto assets.  

Even though the judge criticized Coinbase for discrediting the SEC’s regulatory approach to crypto assets, she still granted its interlocutory appeal request, filed in April 2024. 

The judge referenced conflicting rulings from other federal courts on this issue, emphasizing the need for guidance from a higher court like the Second Circuit Court of Appeals. 

Attorney Hogan Reacts 

Commenting on the development, Attorney Hogan characterized the decision as “big news in the legal crypto space.” According to him, the issue of whether an investment contract requires an actual contract is also a bone of contention in the Ripple appeal. This case is expected to commence fully later this month. 

Hogan asserted that it is rare for a district judge to grant an interlocutory appeal request. He pointed out that the decision reflects the judge’s belief that ‘there is something there.’ 

This suggests that the judge believes the issue of whether an investment contract requires an actual contract warrants an immediate review from a higher court. 

Recall that a federal judge denied the SEC’s request for an interlocutory appeal in the Ripple lawsuit in October. 

Next Steps in Coinbase Lawsuit 

Following Judge Failla’s decision, Coinbase will file a notice of appeal with the Second Circuit. If the Second Circuit agrees to hear the appeal, Coinbase will submit its appeal brief, arguing why the SEC’s claims of violating federal securities laws are incorrect.

The SEC will also file its opposition, and the Second Circuit will issue its decision. Afterward, Judge Katherine will resume the lawsuit at the district level. 

Meanwhile, the upcoming changes at the SEC could significantly impact the outcome of the lawsuit. It is noteworthy that pro-crypto advocate Paul Atkins will replace crypto skeptic Gary Gensler as the next SEC chair. 

Consequently, both parties could agree on a settlement to resolve the lawsuit, ending the legal tussle that began in June 2023. 

204K Traders Lose $627M in Bitcoin Crash To $96K

Okoya David
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204K Traders Lose $627M in Bitcoin Crash To $96K

A sharp crypto market decline over the past 24 hours catches many on the wrong side of the trade, with Bitcoin slumping to new support levels.

Just a little over 24 hours ago, significant optimism appeared to be returning to the crypto market as assets had soared with the turn of the new year, culminating in Bitcoin reclaiming the $100,000 price point. 

However, fast forward to today and the market is back in the red, having wiped out thousands of leverage traders.

204K Crypto Traders Wiped Out

Over 204,000 traders have been liquidated in the past 24 hours, with total liquidations estimated at $627 million, according to CoinGlass data at the time of writing.

Crypto liquidation heatmap
Crypto liquidation heatmap. Source: CoinGlass

The bulk of these liquidations, about $566 million, were long positions as the crypto market experienced a sharp decline over the past 24 hours, catching many on the wrong side of the trade.

Bitcoin, for one, tanked roughly 7% from highs near $103,000 to lows around $96,000. Altcoins were not left out as Ethereum, XRP, and Solana slumped roughly 10%, 8%, and 11%, respectively, from their respective highs.

U.S. Economic Data to Blame?

The recent market volatility appears linked to U.S. economic data. On Tuesday, January 7, the U.S. Bureau of Labor Statistics released a November 2024 jobs report showing 8.1 million jobs open at the month’s end, the highest job openings since May 2023 and higher than the 7.74 million estimated by economists.

The strong numbers appear to have sparked broad risk-off sentiment that, beyond crypto, sent tech stocks like Nvidia and Tesla dumping. The market reaction suggests that investors now believe the Federal Reserve is less likely to ramp up interest rate cuts to bolster liquidity as the economy still shows flickers of strength.

Over the years, Bitcoin and the broader crypto market have proven significantly sensitive to this liquidity. In times of high liquidity, some excess capital often makes its way to crypto, offering the market a boost.

However, a forecast of liquidity staying lower for longer sees capital fleeing to safe-haven assets as the expectations of inflows to risk assets like crypto reduce.

A prime example of this relationship between crypto and global liquidity came in December 2024 when Bitcoin first plummeted below the $100,000 price point as the Fed disclosed that it would only pursue two interest rate cuts in 2025 instead of an initially projected four.

Despite the recent market jitters, crypto options trading solution provider Greeks.live has maintained that Bitcoin remains firmly in a bull market.

32,740,000,000,000 Shiba Inu Moved to Unknown Wallet: Here’s What Happened

Elendu Benedict
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32,740,000,000,000 Shiba Inu Moved to Unknown Wallet: Here’s What Happened

Exchange Crypto.com started moving large amounts of Shiba Inu to an unidentified wallet, stunning the Shiba Inu community.

Blockchain tracker Whale Alert brought the massive shuffle to the community’s attention on Tuesday. According to the platform’s tweet, Crypto.com moved huge amounts of Shiba Inu to an unidentified wallet in batches.

What Really Happened

Whale Alert showed that the exchange moved the first batch of 1.634 trillion SHIB from its hot wallet “0xf2B0” to an unidentified wallet “0xa23f.” Crypto.com shifted the $39 million worth of Shiba Inu by 13:47 (UTC) on Tuesday.

However, the whale tracker noted that multiple similar transactions occurred afterward, stressing that the exchange shuffled the exact amount five times in the same hour. Meanwhile, a deep dive into the details revealed that Crypto.com moved the funds twenty times to the same receiving address, amounting to 32.74 trillion tokens.

Moreover, on-chain analysis by The Crypto Basic revealed that the approximately 32.74 trillion SHIB ($390,385,630) shuffled was an internal transfer. According to data drawn from Arkham, the receiving address was a Crypto.com Deposit address.

Hence, the exchange simply shifted excess Shiba Inu from its hot wallet to its deposit address. Notably, internal transfers of this nature are not new to large trading platforms, as they move such funds to enhance liquidity and security.

Community Reactions

Meanwhile, the massive transfers stunned some of the Shiba Inu enthusiasts. For instance, a user asked what the massive shifts implied, while another speculated that it looked like a hacker was exploiting Crypto.com and moving the funds elsewhere.

However, other users perceived the event as a whale accumulation. The reactions insinuated that a whale was buying the staggering amounts of Shiba Inu and moving them to a self-custody wallet.

Nonetheless, the transfer correlated with a massive market downtrend, which saw Shiba Inu correct almost 10% on Tuesday. The downtrend has spilled into today, with the dog-themed meme coin further retracing 1.24% to trade at $0.00002151.

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