{"id":523766,"date":"2023-03-20T15:30:16","date_gmt":"2023-03-20T15:30:16","guid":{"rendered":"https:\/\/wncen.com\/?p=523766"},"modified":"2024-06-11T07:49:26","modified_gmt":"2024-06-11T07:49:26","slug":"shiba-inu-outflow-180-million-crypto-bullish","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-outflow-180-million-crypto-bullish\/","title":{"rendered":"Shiba Inu Sees Outflow Of $270 Million From Crypto.com, Bullish Sign?"},"content":{"rendered":"

Data shows Shiba Inu worth about $270 million has exited the wallets of Crypto.com, something that may turn out to be bullish for the meme coin.<\/p>\n

Massive Amount Of Shiba Inu Has Exited Crypto.com<\/h2>\n

As per data from the cryptocurrency transaction tracker service Whale Alert<\/a>, six large SHIB transfers have been spotted on the Ethereum blockchain during the last few hours.<\/p>\n

Strangely, all these transactions saw the same amount of coins move across the network: 4,156,580,418,372 SHIB. These transfers also occurred close to each other, but a minor time gap nonetheless existed between them.<\/p>\n

Although the transactions may have each involved an equal number of coins, their USD values (at the time they were executed) weren’t the same because of this small time difference, during which the SHIB price saw fluctuations.<\/p>\n

On average, these transfers saw the movement of SHIB worth about $45 million, which is quite a significant amount. There are only two entities in the market that can make transactions so large: whales<\/a> and exchanges.<\/p>\n

The former’s movements can be something to watch out for, as they may have a noticeable influence on the market. The latter, however, often have no effect on the price as they are usually internal exchange wallet transactions.<\/p>\n

Now, here are some additional details about the first large SHIB transfer that took place today, which may reveal more about its purpose:<\/p>\n

\"Shiba<\/p>\n

This SHIB transfer only needed a fee of $1.29 to go through on the Ethereum network | Source: Whale Alert<\/a><\/pre>\n
As you can see above, the sending address in the case of this Shiba Inu transaction was a wallet attached to the cryptocurrency exchange<\/a> Crypto.com, while the receiving address was an unknown address.<\/p>\n
Unknown addresses are generally addresses that are unaffiliated with any known centralized platform, meaning that they are likely to be investors’ personal wallets.<\/p>\n
Related Reading: Bitcoin To $30,000? Fed Unveils New Tool To Bailout Non-US Banks<\/a><\/div>\n
Similar to this, the other five transactions observed today also had coins move between Crypto.com and an unknown address. In fact, the sending and receiving wallets involved in all six of the transfers were the exact same, suggesting that the same entity was behind them all.<\/p>\n
Such transactions, where coins move from an exchange to an unknown address, are called “exchange outflows<\/a>.” Usually, investors make outflows when they want to hold onto their SHIB stacks for an extended period of time.<\/p>\n
This suggests that if a whale was truly behind this transfer, then the price of Shiba Inu could feel a bullish effect from this as it would imply strong accumulation from the holder.<\/p>\n
However, since the total sum involved here is about $270 million and the amount moved in such a short duration of time, the transactions being made by Crypto.com itself are also a valid possibility.<\/p>\n
Related Reading: Bitcoin Market Dominance Hits 9-Month High As Altcoins Turn Red<\/a><\/div>\n
In the scenario that these transfers were made by the exchange itself, SHIB would either see no consequences from this or a bearish effect, depending on whether the platform is offloading these coins or not.<\/p>\n
SHIB Price<\/h2>\n
At the time of writing, Shiba Inu is trading around $0.00001076, up 2% in the last week.<\/p>\n
\"Shiba<\/p>\n
SHIB has declined during the past day | Source: SHIBUSD on TradingView<\/a><\/pre>\n
Featured image from Ferhat Deniz Fors on Unsplash.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows Shiba Inu worth about $270 million has exited the wallets of Crypto.com, something that may turn out to be bullish for the meme coin. Massive Amount Of Shiba Inu Has Exited Crypto.com As per data from the cryptocurrency transaction tracker service Whale Alert, six large SHIB transfers have been spotted on the Ethereum blockchain during the last few hours. Strangely, all these transactions saw the same amount of coins move across the network: 4,156,580,418,372 SHIB. These transfers also occurred close to each other, but a minor time gap nonetheless existed between them. Although the transactions may have each involved an equal number of coins, their USD values (at the time they were executed) weren’t the same because of this small time difference, during which the SHIB price saw fluctuations. On average, these transfers saw the movement of SHIB worth about $45 million, which is quite a significant amount. There are only two entities in the market that can make transactions so large: whales and exchanges. The former’s movements can be something to watch out for, as they may have a noticeable influence on the market. The latter, however, often have no effect on the price as they are usually internal exchange wallet transactions. Now, here are some additional details about the first large SHIB transfer that took place today, which may reveal more about its purpose: This SHIB transfer only needed a fee of $1.29 to go through on the Ethereum network | Source: Whale Alert As you can see above, the sending address in the case of this Shiba Inu transaction was a wallet attached to the cryptocurrency exchange Crypto.com, while the receiving address was an unknown address. Unknown addresses are generally addresses that are unaffiliated with any known centralized platform, meaning that they are likely to be investors’ personal wallets. Related Reading: Bitcoin To $30,000? Fed Unveils New Tool To Bailout Non-US Banks Similar to this, the other five transactions observed today also had coins move between Crypto.com and an unknown address. In fact, the sending and receiving wallets involved in all six of the transfers were the exact same, suggesting that the same entity was behind them all. Such transactions, where coins move from an exchange to an unknown address, are called “exchange outflows.” Usually, investors make outflows when they want to hold onto their SHIB stacks for an extended period of time. This suggests that if a whale was truly behind this transfer, then the price of Shiba Inu could feel a bullish effect from this as it would imply strong accumulation from the holder. However, since the total sum involved here is about $270 million and the amount moved in such a short duration of time, the transactions being made by Crypto.com itself are also a valid possibility. Related Reading: Bitcoin Market Dominance Hits 9-Month High As Altcoins Turn Red In the scenario that these transfers were made by the exchange itself, SHIB would either see no consequences from this or a bearish effect, depending on whether the platform is offloading these coins or not. SHIB Price At the time of writing, Shiba Inu is trading around $0.00001076, up 2% in the last week. SHIB has declined during the past day | Source: SHIBUSD on TradingView Featured image from Ferhat Deniz Fors on Unsplash.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":523799,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[15431,83668,83667,87764,87763,84562],"class_list":["post-523766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-crypto-com","tag-shib","tag-shiba-inu","tag-shiba-inu-bullish","tag-shiba-inu-outflow","tag-shibusd"],"acf":[],"yoast_head":"\nShiba Inu Sees Outflow Of $270 Million From Crypto.com, Bullish Sign?<\/title>\n<meta name=\"description\" content=\"Data shows Shiba Inu worth about $270 million has exited the wallets of Crypto.com, something that may turn out to be bullish for the meme coin. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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