Bitcoin and altcoin are falling hard as the FTX debacle hit the market. Trillions of SHIBs also took action after the exchanges between CEOs.
Trillions of SHIBs on the move amid the FTX crisis
Because of Alameda Research’s risk of bankruptcy, Binance’s decision to sell FTT for $2.1 billion gives the bears an opportunity. Meanwhile, whale-watching boats report gigantic Shiba Inu (SHIB) on the move. Most of the processes involved SHIB stacks leaving FTX. Amid massive transfers, the SHIB price is down around 8.5% from the last 24 hours.
Information from Etherscan shows that three mysterious whales have largely carried Shiba Inu in the past 24 hours. During these processes, a total of 794 billion SHIBs moved, 502,385,000,000, 183,243,945,997 and 108,280,591,660. The size of the Shiba Inu carried is equivalent to $8.7 million in dollar terms.
Whales worry about FTX’s finances
The details of the wallet reveal that all tokens were received from FTX in two lump sum payments of 500 billion each. This shows that the whale is worried about the stock market. In the midst of this, FTX had recently terminated its withdrawal processes with $1,000. This is interpreted as another indicator that the stock market is in financial trouble. In other processes, 183,243,945,997 SHIB from Coinbase flowed into an anonymous wallet. According to Etherscan information, 108,280,591,660 Shiba Inu were transferred from one anonymous wallet to another.
FTX responds to Binance
Koindeks.com We have included what happened in the middle of Binance and FTX in this article. Due to recent disclosures and because CZ does not want to support “people lobbying against other market players”, Binance has announced that it will sell its FTT tokens.
Sam Bankman-Fried, the billionaire founder of FTX, and Ryan Salame, the exchange’s co-founder, reacted angrily. After learning that Alameda Research, a valuable trading firm related to FTX, was experiencing financial issues, Binance started a big sell on FTT. The company’s CEO, Caroline Ellison, argues that the business has enough cash on hand. She even offered to buy FTTs she would sell to Binance.
However, Binance CEO CZ responded to this proposal by saying, “I think we will stay in the free market”:
I didn’t say that. It was a question, not a commitment. I think we will stay in the free market. We still hold LUNA (now LUNC) today.
Currently, according to CoinMarketCap, the price of the FTX token is down by 21.56%, trading at $17.81. Bitcoin has dropped below $20,000 as a result of the conflict in the middle of the two largest cryptocurrency exchanges affecting the entire market.
In the midst of this, FTX CEO SBF said on a podcast last week that “the second major stablecoin war has begun.”