Binance, the world's largest crypto exchange, received large amounts of shiba inu (SHIB) tokens on Tuesday, raising speculation of a price drop because large transfers of a cryptocurrency to an exchange is often a prelude to a sale.
- The exchange registered a net inflow of more than 1.8 trillion SHIB ($16 million) tokens, the highest single-day tally since Feb. 28, according to data tracked by Glassnode.
- The tokens came from an address supposedly owned by Crypto.com in two transactions, each carrying 900 billion SHIB, at 12:39 UTC, according to data sourced from Dune Analytics.
- "So now he is going to sell part of SHIB?" on-chain researcher Lookonchain tweeted, noting the transfers.
- Another Twitter user said he was selling SHIB at a loss because of the significant inflows on Binance.
- Early this month, Crypto.com revealed that it held roughly 5 trillion SHIB, worth $558 million, accounting for nearly 20% of its total reserves.
- At press time, Crypto.com's SHIB holdings accounted for 14.2% of its total reserves of $3.52 billion, according to Nansen data.
- SHIB held steady at $0.00000925 as of this writing.
- Crypto.com didn't respond to requests for a comment.
UDPATE (Nov. 30, 14:18 UTC): Adds lack of response from Crypto.com in last bullet point.
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