According to on-chain data released by crypto analytics firm Santiment, an unknown Ethereum address transferred about 25 trillion Shiba Inu tokens worth more than $250 million from a popular crypto exchange to a self-custody wallet.
The SHIB tokens were transferred to a new wallet from an Ethereum address identified by Etherscan as belonging to the US crypto exchange Crypto.com. The transfer was performed in six separate transactions, and the whale has been steadily acquiring ETH since March 1st, currently holding 992 ETH with its now 25 trillion SHIB.
The vast transfer to cold storage, according to The Daily Hodl, making it the world’s third largest Shiba Inu wallet and the largest that has not been identified as belonging to an exchange. According to WhaleAlert data, the greatest transaction involved the transfer of 4.1 trillion SHIB tokens to an undisclosed wallet for about $45 million.
It is unclear whether the transactions are being carried out by Crypto.com, which is transferring its SHIB to a new wallet, or by another whale who is migrating their tokens.
Shiba Inu burn tracking site Shibburn reported a spike in SHIB’s burn rate between Monday and Tuesday, with the dog-inspired token incinerating a whopping 453 million coins – an astounding 1,317% increase.
The act of “burning” Shiba Inu tokens refers to the process of sending them to an address with no retrievable private key, effectively rendering them worthless and permanently removing them from circulation.
By lowering the overall amount in circulation, this is frequently done to assist manage inflation and raise the value of the remaining tokens. In the case of Shiba Inu, the world’s second largest meme coin, token burning is a community-driven movement focused at raising the cryptocurrency’s value.
It is also thought to be an allusion to the habit of burning paper money as an offering to ancestors in some Asian societies. In the meantime, the Shiba Inu community is anticipating the beta debut of Shibarium, the ecosystem’s layer-2 protocol built on top of Ethereum, similar to Polygon.
The Shiba Inu community is growing as they seek new opportunities for expansion. SHIB’s beta version was published last week, giving beta testers their first look at the testnet.
Shibarium, a layer-2 protocol built on top of Ethereum (ETH), akin to Polygon (MATIC), is currently in beta, and according to Shytoshi Kusama, a pseudonymous SHIB developer, it may remain so for two to four months while the team concentrates on establishing more effective processes and tracking for “bugs.”
These advances have inspired renewed interest and wonder in the Shiba Inu community. Shibarium’s launch and the recent transfer of SHIB tokens demonstrate the community’s ongoing interest and growing prominence in the cryptocurrency sector. It will be interesting to watch how these advancements affect the Shiba Inu’s future and adoption rate.