24,940,023,596,035 Shiba Inu (SHIB) worth over $276,000,000 transferred from crypto exchange to self-storage: Santiment
Nearly 25 trillion SHIB tokens worth over a quarter of a billion dollars have left a top crypto exchange and are now sitting off-market in cold storage, according to new data on the chain.
First discovered by crypto analytics firm Santiment, an unknown Ethereum (ETH) address transferred 24.9 trillion SHIB to a self-custodial wallet in six different transactions.
The whale has also rapidly accumulated ETH since the beginning of March, according to Santiment.
“Shiba Inu worth $276 million has been transferred from an exchange wallet to a self-custody wallet in 6 separate transfers today.
This address has also rapidly accumulated Ethereum since March 1st, holding 992 ETH along with its now 24.94T SHIB.”
Santiment’s data shows SHIB moving from an Ethereum address flagged by Etherscan as belonging to US crypto exchange Crypto.com.
All of the SHIBs now sit at a new address, which is now the third largest Shiba Inu wallet in the world, and the largest yet to be identified as belonging to an exchange. It is unclear if the transactions are Crypto.com separating its SHIB into a new wallet, or if another whale is moving its tokens.
According to the Shiba Inu burn tracking site Shibburn, SHIB’s burning rate exploded by 1,316.43% on Tuesday, with the memecoin burning a total of 452,950,434 tokens in the 24-hour period between Monday night and Tuesday night.
The Shiba Inu community is buzzing about the beta launch of Shibarium, the ecosystem’s layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC). Last week, SHIB officially released the beta version, allowing beta testers to explore the testnet.
Pseudonymous SHIB developer Shytoshi Kusama estimates that Shibarium will remain in beta for two months, but acknowledges that the timeline is uncertain and could take as long as four months. Kusama notes that the beta involves “creating systems and hunting for bugs.”
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Featured image: Shutterstock/Kiselev Andrey Valerevich/Natalia Siiatovskaia
