CRO Whale Transfers 18% of Circulating Supply to Huobi
Summary
- CRO Whale Transfers 18% of the circulating token supply to Huobi
- The 3.0 billion token transfer was worth over $192 million
- CRO is a top 20 cryptocurrency
Crypto.com Coin (CRO) is an ERC-20 token with a market cap of $1 billion, according to CoinMarketCap. However, Whale Alert recentely detected two large CRO token transactions totaling 3 billion tokens.
Both transactions originated from the same CRO wallet, spaced exactly 15 minutes apart. The wallet has 0 CRO left following the massive CRO transfers.
With a circulating supply of just over 16 billion CRO tokens, the 3.0 billion transfer accounts for more than 18% of the circulating supply. Furthermore, the whale deposited the CRO to Huobi, a Singapore-based cryptocurrency exchange. The large transfer to an exchange raises several red flags as an exchange deposit may result in a huge sell-off. With over 3 billion tokens in hand, the whale can singlehandedly crash CRO markets.
Furthermore, it is unlikely that this wallet belongs to another exchange as there is no obvious reason for one exchange to send billions of tokens to Huobi.
Crypto Whales Wake Up
As interest in cryptocurrency and blockchain surges, many cryptocurrency whales are awaking. Bitcoin whales have recentely reached a two year high just prior to the highly anticipated Bitcoin halving. With many wallets accumulating large amounts of cryptocurrency, crypto market volatility may increase if whales continue to buy or sell large amounts.
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