Binance 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.
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The exchange registered a net inflow of over 1.8 trillion SHIB ($16 million) tokens, the highest single-day tally since Feb. 28, according to data tracked by Glassnode.
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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.
Crypto.com transferred 1.8 trillion SHIB to Binance in two transactions. (@crypto_oracle at Dune Analytics)
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“So now he is going to sell part of SHIB?” on-chain researcher Lookonchain tweeted, noting the transfers.
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Another Twitter user said he was selling SHIB at a loss because of significant inflows on Binance.
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Early this month, Crypto.com revealed that it held roughly 5 trillion SHIB, worth $558 million, accounting for nearly 20% of its total reserves.
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At press time, Crypto.com’s SHIB holdings accounted for 14.2% of its total reserves of $3.52 billion, according to Nansen data.
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SHIB held steady at $0.00000925 as of writing.
At press time, Crypto.com held 14.2% of its reserves in meme cryptocurrency SHIB. (Dune Analytics)
