An unknown Ethereum address has transferred nearly 25 trillion Shiba Inu tokens worth more than $250 million from a major crypto exchange to a self-custodial wallet, according to on-chain data reported by crypto analytics firm Santiment.
SHIB tokens moved from an Ethereum address categorized by Etherscan as belonging to the American crypto exchange Crypto.com to a new wallet.
The transfer took place in six different transactions and the whale has been accumulating ETH rapidly since March 1, owning 992 ETH along with his now 25 billion SHIB.
Shiba Inu Transfer is the third largest in the world
According The Hodl newspaperthe massive transfer to the cold room makes it the the third longest Shiba Inu wallet in the world and the largest that has not been identified as belonging to an exchange.
Statistics compiled by WhaleAlert show that the largest transaction it recorded involved the transfer of 4.1 billion SHIB tokens to an unidentified wallet for around $45 million.
It is unclear if the transactions are being made by Crypto.com, which is moving its SHIB to a new wallet, or if they are being made by another whale that is relocating its tokens.
In a 24-hour span between Monday and Tuesday, the Shiba Inu Shibburn burn tracking site witnessed a explosion in SHIB burn ratewith the dog-inspired token incinerating 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 without any recoverable private keys, rendering them unusable 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 second largest meme coin in the world, token burning is a community-driven initiative aimed at increasing the value of cryptocurrency.
In addition, it is also believed that it is a nod to the tradition of burning paper money as a form of offering to the ancestors in some Asian cultures.
Excitement at the launch of Shibarium
Meanwhile, the Shiba Inu community is also excited about the beta release of Shibarium, the layer 2 ecosystem protocol built on top of Ethereum, similar to Polygon.
The Shiba Inu community is on the rise as they continue to explore new avenues for growth. Last week, the beta version of SHIB was released, providing an opportunity for beta testers to take a look at the testnet.
SHIB total market cap now a little over $6 billion on the daily chart at TradingView.com
Shytoshi Kusama: On the hunt for ‘bugs’
The highly anticipated Shibarium, a Layer 2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC), is still in betaand according to SHIB developer pseudonym Shytoshi Kusama, it may stay that way for two to four months while the team focuses on building more effective systems and tracking “bugs.”
These developments have sparked a new wave of excitement and curiosity among the Shiba Inu community.
The launch of Shibarium and the recent transfer of SHIB tokens reflect the sustained interest of the community and its growing importance in the world of cryptocurrencies.
It will be interesting to see how these developments impact the future of the Shiba Inu and his adoption rate.
-Featured Image from The Market Periodical
