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Shiba Inu Burn Rate Spikes 28145% as Coinbase User Awakens After 154 Days to Burn 96M SHIB

Lele Jima
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Shiba Inu Burn Rate Spikes 28145% as Coinbase User Awakens After 154 Days to Burn 96M SHIB

Shiba Inu burn rate spikes 28,145% as a Coinbase user destroys over 96 million SHIB tokens. 

In a startling development, an unknown wallet burned 96,086,320 (96.08 million) SHIB in a single transaction. As usual, the renowned Shiba Inu community-driven burn tracker Shibburn called attention to the latest transaction via an X post today.

Data from Shibburn shows that the transaction occurred yesterday at 21:19 (UTC). Further investigation into the wallet suggests that its owner might be a Coinbase user. According to Etherscan data, the wallet has received funds from the San Francisco-based crypto exchange several times.

Wallet Ends 154 Days Dormancy to Burn SHIB 

Meanwhile, before the latest transaction, the wallet had been inactive for 154 days. Its last transaction before the hefty SHIB burn was recorded on March 28, 2024, when it was used to swap 0.2839 ETH ($715) on THORChain. 

Afterward, the wallet remained inactive until seven hours ago, when it burned 96.08 million SHIB tokens.

Largest Single Shiba Inu Burn in 2 Months 

This transaction represents the largest single SHIB burn recorded in over two months. 

The last time the dead wallet received a huge amount of Shiba Inu tokens in one transaction was June 30, 2024, exactly two months ago. At the time, an anonymous wallet burned 290.43 million SHIB tokens. 

Shiba Inu Community Burns 96.43 Million SHIB 

Meanwhile, with the hefty burn indexed by Shibburn, a total of 96,434,994 (96.43 million) SHIB have been incinerated over the past 24 hours. 

The Shiba Inu community burned these tokens in two transactions. In addition to the 96.08 million SHIB burn initiated by the Coinbase user, another anonymous wallet incinerated 348,673 SHIB yesterday at 17:21 (UTC).

Following the latest transactions, Shiba Inu’s burn rate spiked by 28,145% from the previous day’s record. 

Shib burn
Shibburn

It bears mentioning that the recent burns are part of a larger effort to drastically reduce Shiba Inu’s circulating supply. So far, the community, alongside Ethereum co-founder Vitalik Buterin, has burned 410,728,175,054,701 (410.72 trillion) SHIB. 

More Burns on the Horizon 

Although individual investors have been burning SHIB, Shiba Inu’s ecosystem team has also made significant efforts to remove more tokens from circulation. 

This involves burning a part of transaction fees generated from Shibarium use. As more people use Shibarium, these burns could skyrocket tremendously. The Crypto Basic reported that the team recently introduced a burn portal, ShibTorch, to automate Shibarium-powered burns. 

It also launched the highly anticipated Shiba Inu Developer Portal (ShibDev), which provides developers with essential tools to build on Shibarium. This initiative is expected to increase the number of decentralized applications on the L2 network and drive its adoption, ultimately leading to more burns.  

XRP Ichimoku Cloud Signals Massive Breakout: Here are Targets to Watch

Sam Wisdom Raphael
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XRP Ichimoku Cloud Signals Massive Breakout: Here are Targets to Watch

An analysis by market analyst The Great Mattsby (TGM) discusses the growing bullish momentum around XRP, particularly through the Ichimoku Cloud.

On the weekly chart, XRP has been testing a significant resistance level since mid-July 2024. The price action suggests that XRP is battling to stay above the 200-week moving average, currently sitting around $0.6176. This moving average is a crucial level as it often acts as a dividing line between bearish and bullish market phases.

TGM revealed that XRP has repeatedly tested this resistance zone, indicating persistent selling pressure. Despite these challenges, XRP has managed to hold its ground above this key level, hinting at a potential bullish reversal if it can maintain its upward trajectory. 

XRP 1W Chart
XRP 1W Chart | TGM

The analyst emphasized that a decisive breakout above the $0.65 to $0.68 range could signal a shift in momentum, pushing XRP to flip the 200-week moving average from resistance to support.

Once it breaches this level, XRP could aim for the next major target, which is nearly $0.90. This target aligns with the blue trendline identified on the chart, representing a significant price milestone that XRP could reach if bullish momentum continues to build.

XRP Ichimoku Cloud 

According to TGM, XRP has been pressing against the top of its Ichimoku Cloud, indicating that while it hasn’t broken out yet, the potential for a bullish move is increasing. The cloud is thinning out and is on the verge of flipping green, which typically signals a trend reversal from bearish to bullish.

XRP 1W Ichimoku Cloud
XRP 1W Ichimoku Cloud | TGM

This thinning cloud suggests that the resistance is weakening, and as long as XRP’s price continues to rise, it could eventually break through this barrier. If XRP manages to close above the Ichimoku Cloud, it would be a strong indicator of a trend reversal, potentially leading to a significant rally.

XRP Monthly Chart

On the monthly chart, TGM noted that XRP’s price action is consolidating near a crucial resistance zone defined by a long-standing arc pattern. This arc has served as a formidable resistance level for several years, but XRP is now edging closer to breaking through.

A positive development on the monthly chart is the solid support provided by the 100-month moving average, which has held firm since June 2022. Despite brief dips below this level, XRP has consistently bounced back.

XRP 1M Chart
XRP 1M Chart | TGM

Additionally, the 50-month moving average, which had previously acted as resistance, has now turned into support. TGM also highlighted the importance of the 1.618 Fibonacci retracement level, located around $0.41, which has been a critical support level in recent months. 

A breakout above this arc and a sustained move higher could propel XRP to significant new highs. The analyst identifies potential targets at the 2.272 and 2.618 Fibonacci extensions, which could see XRP reaching $9 and potentially as high as $29 in the longer term.

XRP Targets to Watch

In the near term, the key levels to watch for XRP are $0.624 and $0.90. Breaking above these levels could pave the way for a test of the psychological $1 mark, followed by a potential move to $3. 

The Ichimoku Cloud’s resistance near $0.624 is the immediate hurdle, but once this is cleared, the path toward higher targets could open up.

Currently, XRP is trading at $0.5983, down 3.94% this month after a strong 31% gain in July 2024. This consolidation phase may be setting the stage for a significant breakout if bullish momentum continues to build.

Cardano Chang Upgrade Launch Date Confirmed as Binance Confirms Support

Mark Brennan
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Cardano Chang Upgrade Launch Date Confirmed as Binance Confirms Support

September 1 is locked in for the Chang hard fork, as Binance announces it will support the upcoming Cardano network upgrade.

Leading crypto exchange Binance has announced it will support the Cardano’s upcoming hard fork. In a blog announcement today, the trading platform said it will play its part in ensuring that Cardano sees a smooth transition to the Conway era through the Chang upgrade.

The long-anticipated Chang hard fork is set for September 1 by 21:45 UTC. An August 23 decision saw the network abandon an initial August 27 date due to a lack of preparedness from Binance and some other exchanges.

Cardano Gets Binance’s Backing

The largest crypto exchange by trading volume stated that, as part of its support for Cardano, it would suspend token deposits and withdrawals on the blockchain to avoid any technical complications during the September 1 hard fork.

Binance also stated that it would handle all technical requirements for its users. This is to ensure that its users do not experience any issues while the Cardano network rolls out new functionalities through the Chang upgrade.

Furthermore, Binance will reallow normal transactions on the chain when it returns to normalcy after the upgrade. This includes deposits and withdrawals from the chain.

Binance’s support for Chang will drive positive sentiments among the Cardano community as they anticipate the upgrade that would shift governance to them. Cardano’s ADA increased slightly on Friday and was trading at $0.3556 at the time of writing.

September 1 Locked In

With Binance announcing support, the September 1 Chang hard fork is inevitable. Notably, all the Chang upgrade requirements were met on August 28, and major stakeholders were confirmed as ready for the transition into the Voltaire era.

Data from Intersect showed a 92% readiness score for stake pool operators (SPOs), which has surpassed the desired threshold. Exchange readiness has also reached 92%, signaling adequate compliance for the Chang hard fork. Binance became ready for Chang on August 27, as previously reported by The Crypto Basic.

ab
Preparedness chart

Notably, the Ledger Nano S is now ready for a hard fork, squashing earlier speculations it would not meet the upgrade deadline. The Ledger team has upgraded its Cardano app, taking the hardware wallets’ preparedness to 100%.

Market Expert Predicts XRP Half Pump to $27 Within Fib Channel

Sam Wisdom Raphael
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Market Expert Predicts XRP Half Pump to $27 Within Fib Channel

Analyst EGRAG recently shared a projection for XRP, suggesting it could potentially experience a price surge within an identified Fib channel.

EGRAG made this forecast in his latest analysis of XRP’s price movements, leveraging its price action on the monthly chart. Interestingly, the basis of this prediction is the Fibonacci Channel, useful in determining market movements.

According to EGRAG, the rationale behind the bullish projection hinges on XRP repeating half of its 2017 bull run. For context, XRP underperformed at the start of the 2017 bull run. However, it eventually skyrocketed to hit $3.31 in January 2018 following a breakout.

XRP Could Target $27

EGRAG believes XRP has the potential to again record a massive spike if it replicates just half of that historic pump. The analyst called attention to XRP’s monthly Fibonacci levels, serving as potential resistance and support zones.

At the time of the analysis, XRP hovered around $0.57, with a notable level at $0.75 acting as a potential trigger for a more significant upward movement. EGRAG pointed out that a convincing close above the $0.75 level could open the gates for a strong rally, potentially leading to the $27 target. 

XRP 1M Chart EGRAG Crypto
XRP 1M Chart | EGRAG Crypto

If XRP breaks through the $0.75 resistance with conviction, it could indicate the start of a more sustained bullish trend. The next significant resistance would then be the 0.5 Fibonacci level. This level could act as a temporary hurdle before XRP makes its way towards the 0.618 level at $27.

Specifically, the 0.618 Fibonacci level is often regarded as a crucial point where price reversals or significant market movements can occur. EGRAG’s chart indicates that this level aligns with the $27 price target.

XRP’s Short-Term Bearish Trend

Meanwhile, on the daily chart, XRP is currently trading below both the Upper Band and the middle Band (21-day moving average) of the Bollinger Bands, as it changes hands at $0.5627. This positioning suggests that the market is currently in a bearish phase.

Furthermore, the Stochastic RSI indicators show a steep decline, with the K line at 2.59 and the D line at 5.15, both having dropped significantly from peaks above 89 on August 24. 

XRP Bollinger Bands and Stoch RSI
XRP Bollinger Bands and Stoch RSI

This sharp decline in the Stochastic RSI could indicate that XRP is currently oversold, which might lead to a short-term bounce as the market corrects itself. However, the downward momentum suggests that there may still be some bearish pressure in the market before a potential reversal.

The Future of User Experience In Crypto Wallet Design

Esra Zuhal
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The Future of User Experience In Crypto Wallet Design

Given the explosive popularity of cryptocurrencies, people need simpler and more intuitive tools and as the given market develops, many are looking for suitable wallets that would provide an optimally comfortable and enjoyable experience.  In fact, between 2020 and 2021, downloads for crypto wallets reached an all-time high with Statistica reporting that “Whilst the ten most popular cryptocurrency wallets registered roughly 2.2 million downloads in December 2020, one month later it had grown to over 5.6 million.” Learning about this will help to understand how the creators of the wallets are addressing the needs of new and old users in the present and the future digital world.

Facilitating Currency Conversion

Crypto wallets help currency conversion and thereby assist clients in utilizing the entire scope of digital coins across different fiat forms efficiently. For instance, many of the current wallet platforms are designed to allow you to directly Convert BTC to USD, EUR, GBP and others without having to move to the web or other applications. It not only helps to facilitate the buying and selling of the bitcoins and other virtual currencies but also assists the users to make better financial decisions with reference to the current exchange rates of the bitcoins and the other virtual currencies. With more and more consumers able to engage in spending and exchanging cryptocurrencies, interconversion of cryptocurrency and traditional forms of currency inside one wallet will become critical in the sphere as it will provide consumers with the option of using cryptocurrency and its potential for large-scale purchases, as well as trading traditional currency for cryptocurrency to engage in everyday transactions.

User Interfaces

During the constantly expanding cryptocurrency market, there is a need for a simple and easy-to-use interface of the crypto wallets. Early on when the cryptocurrencies appeared, wallets were created with ideas on how they should be used and not how they could be utilized. However, there are more and more users of digital currency and people need simple and efficient wallets to keep cryptocurrencies and Crypto safe, no matter whether they are beginners or experienced traders. Wallets of the future will not be complex in terms of design and they will come up with simple steps on how to use them by even a layman in the future.

Enhancing Security Through Design

Security is one aspect of the wallets that can be used to store cryptocurrencies and in the future, the wallets should be as simple as possible but secure. Hence, in the future, the task of designers will be to design wallets that would adequately guard the money and other valuables of owners while causing equally minimal inconvenience to the owners. This may for instance involve the use of an identification system through biometrics, multiple signature approvals and real-time fraud control and these should be done without disrupting the normal functionality of the wallet. The concept here is to ensure that security features fit in the usage scenario and can be neither seen nor felt as add-ons.

Integration with Broader Ecosystems

Even more, services will be capable of integrating with crypto wallets in the future since all indications point towards the continued expansion of the adoption of cryptocurrencies. Unquestionably, at some point, it will be possible to plug the wallets into various applications, including DeFi platforms, various e-shops and even social networks. It is quite convenient that you can trade, stake, lend or borrow in the wallet of the user according to this integration. The number of platforms that will be accessible to the users and the convenience that will be afforded to them in their interactions with various interfaces from the central interface will be absolutely essential in defining more comprehensive manners of wallet design.

Cross-Platform Consistency

Since users will be able to access their wallets via any device the user interface needs to be designed in such a way that is consistent across all devices. The next development that can be expected in the crypto wallet is the popularity of creating synthetic wallets that take into account the user experience in mobile, desktop and web interfaces. This will be helpful in establishing trust with the users and also to achieve the goal of having the interactions feel native to the users regardless of the device.

Giving Out Information to the Whole World

Designers should also take into consideration the fact that wallet is a global product due to cryptocurrencies growth. This includes multilingual interfaces, operating in different currencies, compatibility with different terminals as well as a stable network connection. Lastly, the wallets must be accessible and usable by the physically challenged; the code should be compatible with screen readers and the font size should always have an option for increase or decrease by the user. By addressing this aspect, designers are able to let as many users as possible have a positive experience when using such wallets.

Design Guidelines and Suggestions for the Future

In the future, you might rightly assume that the design of further crypto wallets will be user-orientated. This involves positioning the user in the middle of the design and information processing by collecting his/her data and modifying the design according to the user’s desires. Therefore, it can be expected that the next generation of crypto wallets will contain more features and will be much better and more appealing for users in terms of providing them with an interface to their cryptocurrencies.

Disclaimer: This article is provided by the Client. The Client is solely responsible for this page’s content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.

Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

BlackRock New Ethereum ETF Hits B3 Stock Exchange in Brazil

Albert Brown
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BlackRock New Ethereum ETF Hits B3 Stock Exchange in Brazil

BlackRock has launched its Ethereum exchange-traded fund (ETF) on the B3 stock exchange to expand its cryptocurrency offerings to Brazil.

According to local reports, the ETF, dubbed ETHA39, will provide investors with exposure to the Ethereum market. Each unit represents one-third of the share value of the original iShares Ethereum Trust (ETHA). Depending on its performance on the launch day, the ETF is expected to trade between R$40 and R$50.

This product will carry a management fee of 0.25%, which will be waived for the first year. This effectively reduces the fee to 0.12% on the first $2.5 billion in assets under management (AUM).

The introduction of ETHA39 follows BlackRock’s earlier launch of IBIT39, a Bitcoin ETF BDR, which was introduced in Brazil just over a month after its U.S. debut.

Experts React

Nicolas Gomez, head of ETFs, index investments, and products at BlackRock for Latin America, emphasized the robust demand for cryptocurrency-based financial products. He also highlighted that ETHA39 now offers investors access to the two largest cryptocurrencies by market capitalization. 

Cristiano Castro, director of BlackRock in Brazil, noted that ETHA39 simplifies access to digital assets and offers a diverse range of blockchain applications. This ETF, defined as a Brazilian Depositary Receipt (BDR), represents shares issued by companies abroad but traded in Brazil.

Holdings Comparison 

Notably, the launch of ETHA39 in Brazil comes two weeks after data from Arkham Intelligence revealed BlackRock’s substantial holdings in cryptocurrency ETFs. As of August 16, BlackRock held a combined $21.217 billion in BTC and ETH across its iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA).

Of this total, the Bitcoin ETF accounted for over $20 billion, while the Ethereum ETF managed nearly $900 million. These holdings surpass those of Grayscale, which has introduced several ETF products, including the Bitcoin Mini Trust and Ethereum Mini Trust.

PEPE Diamond Hand Reinvests $1.34M to Buy 173B PEPE After Netting +886% Profit

Abdulkarim Abdulwahab
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PEPE Diamond Hand Reinvests $1.34M to Buy 173B PEPE After Netting +886% Profit

A recent market surveillance report has highlighted a notable move by a PEPE meme coin trader with an impressive track record.

The trader has caught the attention of the crypto community after securing $1.77 million in profits from a single trade. This savvy trader has now strategically reinvested $1.34 million in PEPE tokens, demonstrating continued confidence in the volatile meme coin.

Details of The PEPE Whale Transactions

According to Lookonchain’s analysis, the trader initially purchased 170 billion PEPE tokens for 200,000 USDC on October 25, 2023. This buy-and-hold strategy paid off handsomely over the next nine months, as the trader finally decided to sell their holdings on July 25, 2024. 

The sale of 170 billion PEPE tokens netted a staggering $1.97 million USDC, marking an impressive 886% profit.

What’s more intriguing is the trader’s decision to double down on their PEPE investment after the sale. Using $1.34 million USDC from the proceeds, the trader bought back 173 billion PEPE tokens. This move suggests a bullish outlook on the future of the PEPE meme coin despite the volatility risks associated with meme-based cryptocurrencies.

Lookonchain’s data, sourced from Etherscan, provides a detailed transaction history of the trader’s wallet (0x612e198b…). The records corroborate the large-scale buy-and-sell transactions involving PEPE and USDC.

Notably, the latest acquisition of PEPE tokens occurred in multiple transactions where USDC stablecoins were exchanged for PEPE within the last 24 hours. This accumulation comes at a time when PEPE is experiencing significant volatility in the crypto market.

At the current value of $0.000008063, PEPE is down over 32% from its price 30 days ago. Earlier this week, PEPE rallied to a monthly high of $0.000009831, nearly eliminating a leading zero. This uptrend followed a sharp decline to $0.000005901 on August 5, representing a notable rebound of 66.59%.

However, PEPE is quickly losing its recent gains as the broader crypto market sentiment turns bearish again.

While this diamond-hand whale “0x612e198b” has been successful in his earlier PEPE investment, others haven’t fared as well. 

PEPE Whales Underwater

In an earlier analysis, Lookonchain highlighted a wallet that withdrew 828.64 billion PEPE, worth $6.18 million, from Kraken. This whale had sold 500 billion PEPE at $0.000008 and repurchased 828 billion PEPE at $0.0000074. Holding 1.33 trillion PEPE valued at $9.93 million, the whale still faces a $3.3 million loss.

Another update from Lookonchain reveals a similar story of loss. A whale sold 500 billion PEPE, worth $4 million, at a loss. This whale had accumulated 750.38 billion PEPE for $8.34 million from Kraken and subsequently deposited 500 billion PEPE ($4 million) back into Kraken, retaining 250.33 billion PEPE ($2.02 million), resulting in a loss of over $2.3 million.

Bitcoin Wallet Holding 100 BTC Reactivated After 11 Years of Silence

Albert Brown
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Bitcoin Wallet Holding 100 BTC Reactivated After 11 Years of Silence

A Bitcoin wallet, inactive since 2013, has recently been reactivated, drawing attention across the cryptocurrency community. 

The wallet, containing 100 BTC, was last active over a decade ago, during which Bitcoin’s value was a fraction of its current worth. Now, with the wallet’s reactivation, the Bitcoin it holds is valued at approximately $5.96 million, highlighting the dramatic rise in Bitcoin’s price over the years, particularly over 40,000% at the current rate.

When the wallet was last active in 2013, the 100 BTC it held was worth just $14,202, a stark contrast to its current value of approximately $5.96 million, illustrating the dramatic increase in Bitcoin’s price over the past decade.

Specific Transactions and On-Chain Data

According to Whale Alert, the reactivated wallet completed several transactions, including transfers of 1 BTC and 98.99 BTC. These transactions suggest that large holders may be moving their Bitcoin, potentially for withdrawal purposes. The reactivation of this wallet coincides with notable on-chain data trends.

Data from IntoTheBlock reveals patterns among different categories of Bitcoin holders, segmented by the time they have held their assets. Addresses holding Bitcoin for over a year, referred to as “Hodlers,” have increased steadily, reflecting strong long-term conviction. 

IntoTheBlock chart
BTC addresses by time held / IntoTheBlock

Over the past 30 days, these addresses saw a slight increase of 0.43%. Meanwhile, “Cruisers,” or those holding Bitcoin for 1 to 12 months, showed a moderate growth of 0.97%, indicating a shift towards longer-term holding. In contrast, “Traders,” who have held Bitcoin for less than a month, have declined by 1.72%, suggesting an exit by short-term holders.

Recent Whale Activities

This reactivation follows a trend of dormant Bitcoin whales coming back to life. On July 4, another dormant wallet, holding 119 BTC worth approximately $6.99 million, became active after 12.4 years. The wallet, which was initially worth just $599 in 2012, conducted multiple transfers during its reactivation, adding to the narrative of shifting investor behaviors in the crypto market.

Additionally, in June, an 8K BTC movement from a wallet inactive for 5.5 years was reported. This transfer included funds sent to Binance, KuCoin, Bybit, and Gate.io, likely signaling an intent to sell. Furthermore, 150 BTC was moved to Wintermute, an algorithmic trading firm, and three sums of 882 BTC were transferred to unknown addresses, indicating ongoing activity among large Bitcoin holders.

Expert Predicts XRP to Reach $10 if Bitcoin Hits $80k

Mark Brennan
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Expert Predicts XRP to Reach $10 if Bitcoin Hits $80k

An expert, Ergag Crypto, has predicted that XRP will trade at $10.4 when Bitcoin hits $80,000 if the correlation factor between the two assets touches $0.00013.

XRPL’s native token XRP might be on its way to a staggering 1,750% surge, as analysis from expert Ergag Crypto is now in play. XRP could hit $10.4 if Bitcoin makes a 25% move to $80,000.

In a tweet on Thursday, Ergag Crypto pointed to an Atlantic and Pacific line analysis he earlier made about a price correlation between XRP and Bitcoin. According to the analyst, the macro-view has formed a bottoming structure, and XRP’s price will explode soon.

XRP
Ergag XRP/Bitcoin Correlation

Furthermore, the crypto analyst noted that he sees XRP making reasonable progress on his price prediction in the fourth quarter of the year, which spanned between October and December. Bitcoin and XRP are notorious for making explosive price movements during this period.

Breakout Could See XRP Hit $27

Ergag Crypto’s Atlantic/Pacific line analysis also includes a price scenario in which XRP would hit $27.3. According to the analyst, that was the upper target for the chart, and that is when the correlation factor touched $0.00013. However, Bitcoin would have to trade at $210,000 for that to happen.

In his earlier predictions made in May, Ergag Crypto noted that XRP/Bitcoin Atlantic and Pacific line mixing would bring two macro-economic targets. The first target was $0.000005, while the second was $0.00013.

For an XRP/Bitcoin correlation target of $0.00013, the analyst called that  XRP would trade at $10.4, $13, $16.25, $19.7, and $27.3 when BTC hits $80,000, $100,000, $125,000, $150,000, and $210,000, respectively.

Although audacious, they are synchronous with an expert who predicted that XRP would hit $10 this cycle. An earlier report showed that the analyst based his analysis on XRP’s potential breakout from a symmetrical triangle, a range it has been trading in since 2021.

XRP showed price weakness on Thursday amidst a wider market correction. The asset traded at $0.573 at press time, with a market cap of $32 billion.

Unknown Whales Move 79,400,000 XRP to Binance and Bitso, But There’s a Catch

Lele Jima
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0
Unknown Whales Move 79,400,000 XRP to Binance and Bitso, But There’s a Catch

Leading crypto tracking platform Whale Alert calls attention to the movement of over 79 million XRP to two top exchanges Binance and Bitso. 

60 Million XRP Moves to Binance 

Data from Whale Alert shows that the most recent transaction occurred earlier today, featuring the transfer of 60 million XRP to Binance. According to Whale Alert, the funds were deposited to Binance today at 02:51 (UTC). At the time, the funds were worth $34.19 million, indicating that XRP was priced at $0.5699. 

For context, investors usually move funds to exchanges like Binance whenever they intend to sell or convert them to other assets. Hence, the transaction sent shockwaves into the XRP community, as investors expected the move to have a bearish impact on the asset’s price. At press time, XRP trades at $0.5746, marking a daily decline of 1.42%. 

Unmasking Sender’s Identity  

Although Whale Alert labeled the sender as “unknown,” XRP blockchain explorer Bithomp data suggests that the transaction is part of an in-house transfer between two Binance-affiliated wallets. 

According to Bithomp, Binance activated the sending wallet on December 21, 2023. Following its activation, the wallet has moved huge amounts of XRP to other Binance-affiliated wallets, including a transfer of 33 million XRP on August 21. 

At the time of writing, the sending wallet currently has a balance of 204.27 million XRP, worth $117.37 million. 

Ripple Moves 19.4 Million 

Prior to the movement of 60 million XRP to Binance, Whale Alert had indexed the transfer of 19.4 million XRP ($11.04 million) to the Bitso exchange. According to Whale Alert, the transaction occurred yesterday at 22:52 (UTC). 

Despite Whale Alert labeling the sender as unknown, Bithomp data confirms that the wallet was activated with 20 XRP by San Francisco crypto payments company Ripple on January 18, 2023. 

The wallet currently has a balance of 2,209 XRP in the hours leading up to press time. Notably, Bitso is one of Ripple’s major ODL (now Ripple Payments) partners. As reported last year, Bitso claimed it facilitated $3.3 billion in remittances between the United States and Mexico in 2022 using Ripple’s ODL solution. 

Meanwhile, the abovementioned XRP-related transactions come days after whales scooped nearly 150 million XRP in 48 hours. The Crypto Basic reported that these investors first scooped over 50 million XRP on August 27 and another 97.2 million XRP the following day. 

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