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Nearly 25 trillion Shiba Inu SHIB/USD tokens, worth a quarter of a billion dollars, have been securely moved off one of the crypto exchanges and placed in cold storage, according to new on-chain data.
What Happened: According to crypto analytics firm Santiment, 24.9 trillion SHIB tokens were transferred into a self-custody wallet from Crypto.com exchange in over 6 transactions by an unknown Ethereum ETH/USD address.
The mysterious whale has been stockpiling ETH since March, Santiment said. The new address now holds the third-largest concentration of Shiba Inu tokens in the world.
The whale has also been rapidly accumulating ETH since the beginning of March, according to Santiment.
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It appears that Crypto.com is either segregating its SHIB tokens to a new wallet or alternatively, a large holder (whale) is transferring their tokens. The exact nature of the transaction remains unclear.
Kris Marszalek, CEO of Crypto.com tweeted, “As part of our usual custody operations to ensure continued safety and security, we will be rebalancing several assets across new addresses.”
Price Action: At the time of writing, SHIB was trading at $0.000010, down 0.82% in the last 24 hours, according to Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.