In a significant move for the Shiba Inu crypto community, a massive whale has transferred 24 trillion SHIB tokens from a crypto exchange to cold storage. This unprecedented move has sparked speculation and excitement among Shiba Inu holders, as the token’s value continues to rise. With this significant transfer of tokens to cold storage, the whale has demonstrated their commitment to holding onto their SHIB investment for the long term. Many traders and investors are now keeping a close eye on the Shiba Inu price, anticipating further growth and potential buying opportunities. With this latest development, the Shiba Inu crypto is poised for continued success.
A massive transfer of almost 25 trillion Shiba Inu tokens from a top crypto exchange to a self-custody wallet has been reported by crypto analytics firm Santiment. The transfer was made from an Ethereum address belonging to Crypto.com to a new wallet in six different transactions, and is worth over $250 million. The whale behind the transfer has been amassing ETH rapidly since March 1st, with 992 ETH now alongside the Shiba Inu tokens in its possession.
The Daily Hodl notes that the transfer makes it the third-largest Shiba Inu wallet in the world, and the largest that has not been identified as belonging to an exchange. WhaleAlert data shows 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 whether the transactions are being carried out by Crypto.com, which is moving its SHIB to a new wallet, or whether they are being made by another whale.
Meanwhile, the Shiba Inu community is excited about the beta launch of Shibarium, the ecosystem’s layer-2 protocol built on top of Ethereum, similar to Polygon. The highly anticipated Shibarium is still in beta, and according to the pseudonymous SHIB developer Shytoshi Kusama, it may remain so for two to four months as the team focuses on building more effective systems and tracking for bugs. These developments have sparked a new wave of enthusiasm and curiosity amongst the Shiba Inu community.
The act of burning SHIB tokens is a community-driven initiative aimed at increasing the value of the cryptocurrency, as burning tokens helps to control inflation and reduce the total supply in circulation. The burning of tokens 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. In a 24-hour span from Monday and Tuesday, the Shiba Inu burn tracking site Shibburn witnessed a surge of 453 million coins burned, marking an unprecedented 1,317% surge. The value of Shiba Inu continues on a steady rise, with the total market cap now standing at over $6 billion on the daily chart at TradingView.com.