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Crypto Exchange Binance Sees Biggest Inflow of SHIB Tokens Since February
Data sourced from Dune Analytics shows an address supposedly owned by Crypto.com transferred 1.8 trillion SHIB to the platform.
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.
STORY CONTINUES BELOW
- "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.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
