According to new on-chain data, nearly 25 trillion SHIB tokens worth more than a quarter billion dollars have left a leading crypto exchange and are currently sitting off the market in cold storage.
An unknown Ethereum (ETH) address moved 24.9 trillion SHIB into a self custody wallet in six separate transactions, as discovered by crypto analytics firm Santiment. According to Santiment, the whale has been steadily acquiring ETH since the beginning of March.
“$276M worth of Shiba Inu has been transferred from an exchange wallet to self custody wallet in 6 consecutive transfers today. Since March 1st, this address has been rapidly acquiring Ethereum, amassing 992 ETH alongside its now 24.94T SHIB.”
According to Santiment’s data, the SHIB is transferring from an Ethereum address classified by Etherscan as belonging to the US cryptocurrency exchange Crypto.com. All of the SHIB are now in a new address, making it the world’s third largest Shiba Inu wallet and the largest that hasn’t yet been identified as belonging to an exchange. It’s unclear whether the transactions are Crypto.com transferring its SHIB to a new wallet or another whale transferring tokens.
Shiba Inu burn tracking site Shibburn reported that SHIB’s burn rate increased by 1,316.43% on Tuesday, with the memecoin burning a total of 452,950,434 tokens between Monday evening and Tuesday evening.
Shibarium, the ecosystem’s layer-2 protocol built on top of Ethereum (ETH), is in beta testing, and the Shiba Inu community is abuzz (MATIC). SHIB finally published the beta version last week, allowing beta testers to explore the testnet.
Shytoshi Kusama, a pseudonymous SHIB developer, thinks that Shibarium will remain in beta for two months but admits that the timing is unpredictable and could take up to four months. According to Kusama, the beta involves “building mechanisms and bug hunting.”