Singapore-based crypto exchange Coinhako has come into focus following large movements in Shiba Inu over the past 24 hours. The activity aligns with rising demand and a sharp increase in trading volume. Data highlights strong institutional participation on the platform. The developments position Singapore as a key hub for SHIB transactions.
Massive SHIB Transfers Reflect Increased Trading Activity
Blockchain analytics platform Arkham reported that Coinhako redistributed more than 441 billion SHIB within a day. Records show that 253.69 billion SHIB moved out of the exchange’s hot wallet, valued at about $1.58 million. At the same time, the cold wallet still holds 187.66 billion SHIB, worth roughly $1.17 million.
The transfers coincide with growing demand for Shiba Inu. The token gained 2.86% on the day after rising more than 8% earlier. At the time of writing, SHIB trades near $0.00000612.
Large wallet movements often occur during periods of heavy trading. Exchanges adjust balances to maintain liquidity and support transactions. The scale of these transfers shows Coinhako’s active role in handling SHIB demand across Asia.
Singapore Strengthens Position in SHIB Trading
Coinhako stands among the few licensed exchanges in Singapore offering direct SHIB trading pairs against Singapore dollars and U.S. dollars. This feature supports easier access for both retail and institutional traders. As a result, trading activity on the platform continues to grow.
Recent data shows that institutional participants account for about 60% of Coinhako’s trading volume. This level of participation often leads to larger transactions and increased market activity. The recent SHIB transfers point to strategic accumulation and portfolio adjustments by major players.
Singapore’s regulated crypto environment continues to attract significant trading activity. Coinhako’s infrastructure supports high-volume transactions and efficient execution. This setup allows traders to respond quickly during periods of rising demand.
The increase in SHIB trading volume aligns with the token’s recent price movement. Strong activity on Coinhako appears to have supported the upward momentum. Continued demand in the region may influence SHIB’s short-term direction.
Source: https://coinpaper.com/15488/coinhako-drives-surge-in-shiba-inu-activity-as-singapore-leads-trading-volume
