An unknown Ethereum address has transferred nearly 25 trillion Shiba Inu tokens worth more than $250 million from a top crypto exchange to a custody wallet, according to on-chain data reported by crypto analytics firm Santiment.
The SHIB token was moved from an Ethereum address categorized by Etherscan as US crypto exchange Crypto.com to a new wallet.
The transfer took place in six different transactions and the whale has accumulated ETH rapidly since March 1st, owning 992 ETH along with a current SHIB of 25 trillion.
The Shiba Inu transfer is the third largest in the world
According to The Daily Hodl, the massive transfer to cold storage makes the Shiba Inu wallet the third largest in the world and the largest yet to be identified as an exchange.
Statistics collected by WhaleAlert show that the largest recorded transaction involved the transfer of 4.1 trillion SHIB tokens to an unknown wallet worth about $45 million.
It is not clear whether the transaction was carried out by Crypto.com, which transferred SHIB to a new wallet, or whether it was carried out by another whale that transferred the token.
In the 24 hours between Monday and Tuesday, Shiba Inu fire tracker site Shibburn witnessed an explosion in SHIB’s burn rate, with the dog-inspired token burning 453 million coins – marking an unprecedented 1.317% surge.
Image: Gfinity
SHIB Burning: Community-Driven Initiative
The act of “burning” a Shiba Inu token refers to the process of sending it to an address without a private key that can be retrieved, effectively rendering the token unusable and permanently removing it 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 – the tokens it burns are a community-driven initiative aimed at increasing the value of cryptocurrencies.
In addition, it is also believed to be a tradition of burning paper money as a form of offering to the ancestors in some Asian cultures.
Excitement In Shibarium Open
Meanwhile, the Shiba Inu community is also excited about the beta launch of Shibarium, an ecosystem layer-2 protocol built on top of Ethereum, similar to Polygon.
The Shiba Inu community is growing as it continues to explore new avenues for growth. Last week, the beta version of SHIB was released, giving beta testers a chance to see the testnet.
SHIB total market cap now a little over $6 billion on the daily chart at TradingView.com
Shytoshi Kusama: Hunting ‘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 the pseudonymous SHIB developer Shytoshi Kusama, it may stay for two to four months. as the team focuses on building more effective systems and tracking “bugs”.
These developments have 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 continued interest and importance of the community in the world of cryptocurrency.
It will be interesting to see how these developments affect the Shiba Inu’s future and adoption rates.
-Image shown is from The Market Periodical