Shiba Inu-focused Twitter handle, Shiba Play, shared the details regarding almost one trillion SHIB tokens being moved around in a series of transactions. The biggest of the transactions involved over 320 billion SHIB tokens. Furthermore, the movement of the tokens led to a surge in SHIB’s transaction volume by nearly 7.5 million percent (7503132.71%).
Of the four transactions, three were made between anonymous wallets. Moreover, the 160 billion Shiba Inu tokens moved belong to Crypto.com and were moved within the exchange’s wallets. After Binance CEO Changpeng Zhao (CZ) called for exchanges to publish their proof-of-reserves, Crypto.com revealed that they had 20% of their reserves in the popular canine-themed cryptocurrency token. Additionally, Ethereum co-founder Vitalik Buterin said that he found it impressive that Crypto.com had that many SHIB tokens. However, he did say that he did not understand the psychology of a person who holds $10 million in SHIB “right now”.
Will Shiba Inu rebound anytime soon?
Shiba Inu (SHIB), regardless of its popularity, was not spared from the market bloodbath. Moreover, the market cap of the cryptocurrency project has fallen below $5 billion, currently standing at $4,554,993,029.
Now, for Shiba Inu to rebound from its current lows, the general cryptocurrency market sentiment would have to shift. And for that to happen, the global financial slump would need to be dealt with. Thus, it is unlikely for SHIB, or any other cryptocurrency project, for that matter, to rebound anytime soon. Moreover, inflation has brought significant interest rate hikes. Even Bitcoin (BTC), the original cryptocurrency, has slipped below the $16k mark.
At press time, Shiba Inu (SHIB) was trading at $0.00000830, down by 3.8% in the last 24 hours.