Shiba Inu Whale moves 24 trillion SHIB from crypto exchange to cold storage
An unknown Ethereum address has transferred nearly 25 trillion Shiba Inu tokens worth over $250 million from a top crypto exchange to a self-storage wallet, according to chain data reported by crypto analytics firm Santiment.
The SHIB tokens were moved from an Ethereum address categorized by Etherscan as belonging to US crypto exchange Crypto.com to a new wallet.
The transfer was made in six different transactions, and the whale has accumulated ETH rapidly since March 1st, holding 992 ETH along with its now 25 trillion SHIB.
Shiba Inu Transfer is the third largest in the world
According to The Daily Hodl, the massive transfer to cold storage makes it the third largest Shiba Inu wallet in the world and the largest that has not been identified as belonging to an exchange.
Statistics collected by WhaleAlert show that the largest transaction it recorded involved the transfer of 4.1 trillion SHIB tokens to an unidentified wallet for around $45 million.
It is not clear if the transactions are being carried out by Crypto.com, which is moving its SHIB to a new wallet, or if they are being carried out by another whale which is moving its tokens.
In a 24-hour span from Monday to Tuesday, Shiba Inu burn tracking site Shibburn witnessed an explosion in SHIB’s burn rate, with the dog-inspired token burning a whopping 453 million coins – marking an unprecedented 1,317% increase.
Image: Gfinity
SHIB Burning: Community-driven initiative
The act of “burning” Shiba Inu tokens refers to the process of sending them to an address with no traceable private key, rendering them useless and permanently removing them from circulation.
This is often done to help control inflation and increase the value of the remaining tokens by reducing the total supply in circulation. In the case of Shiba Inu – the world’s second largest meme coin – burning tokens is a community-driven initiative aimed at increasing the value of the cryptocurrency.
In addition, it is also believed to be a nod to the tradition of burning paper money as a form of offering to ancestors in some Asian cultures.
Excitement at the launch of Shibarium
Meanwhile, the Shiba Inu community is also excited about the beta launch of Shibarium, the ecosystem’s layer-2 protocol built on top of Ethereum, according to Polygon.
The Shiba Inu community is on the rise as they continue to explore new avenues of growth. Last week, SHIB’s beta version was released, giving beta testers an opportunity to get a glimpse of the testnet.
SHIB total market cap now a little over $6 billion on the daily chart at TradingView.com
Shytoshi Kusama: Hunting for “bugs”
The highly anticipated Shibarium, a layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC), is still in beta, and according to pseudonymous SHIB developer Shytoshi Kusama, it may remain so for two to four months as the team focuses on building more efficient systems and tracking down “bugs”.
This development has sparked a new wave of enthusiasm and curiosity among the Shiba Inu community.
The launch of Shibarium and the recent transfer of SHIB tokens reflect the community’s continued interest and growing importance in the cryptocurrency world.
It will be interesting to see how this development affects the future of the Shiba Inu and its rate of adoption.
– Selected image from The Market Periodical
