New on-chain data shows that nearly 25 trillion SHIB tokens worth more than $250 million have left a top cryptocurrency exchange and are now in cold storage, away from the market.
An unknown Ethereum (ETH) address sent 24.9 trillion SHIB to a self-custody wallet in six separate transactions. This was first noticed by the crypto analytics company Santiment.
Santiment says that the whale has also been getting ETH quickly since the beginning of March.
“$276M worth of Shiba Inu has been transferred from an exchange wallet to self custody wallet in 6 separate transfers today.
This address has also been quickly accumulating Ethereum since March 1st, possessing 992 ETH alongside its now 24.94T SHIB.”
Source: Santiment/Twitter
The SHIB is moving from an Ethereum address that Etherscan says belongs to the US cryptocurrency exchange Crypto.com, according to data from Santiment.
All of the SHIB are now in a new address, which is now the third largest Shiba Inu wallet in the world and the largest that hasn’t been linked to an exchange yet. It’s not clear if Crypto.com is moving its SHIB to a new wallet or if it’s just another whale moving its tokens.
According to the Shiba Inu burn tracking site Shibburn, SHIB’s burn rate jumped by 1,316.43% on Tuesday. Between Monday night and Tuesday night, the memecoin burned a total of 452,950,434 tokens.
The Shiba Inu community is excited about the beta launch of Shibarium, the layer-2 protocol for the ecosystem that is built on top of Ethereum (ETH) (MATIC). Last week, SHIB made the beta version public, so beta testers could start exploring the testnet.
Shytoshi Kusama, who works on SHIB, thinks that Shibarium will be in beta for two months, but he admits that the time frame is uncertain and could take up to four months. Kusama notes the beta involves “creating systems and bug hunting.”
