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25 Trillion SHIB Securely Moved to Cold Storage: Shiba Inu Whale Makes a Move

An Ethereum address not belonging to anyone has recently sent nearly 25 trillion tokens of SHIB, to a self-managed crypto wallet, according to Santiment – a renowned analytics company regarding crypto. These tokens are worth more than $250 million. Six different transactions have been made of SHIB tokens from an Ethereum address categorized by Etherscan. Since March 1st, the whale has also been rapidly accumulating ETH, now possessing 992 ETH and 25 trillion SHIB.

This Shiba Inu Transfer became the Third Largest in History

Recent reports indicate that a considerable amount of Shiba Inu tokens have been moved to cold storage, making it the third-largest wallet for SHIB across the globe. Moreover, this is also the largest one that is not linked to any crypto exchange. WhaleAlert has recently collected statistical data that highlights the largest transaction it has tracked being the transfer of 4.1 trillion SHIB tokens, valued at around $45 million, to an unidentified wallet.

This transfer might indicate conducting transactions involving the relocation of its SHIB tokens to a new wallet, or there might be another whale relocating its tokens. However, the real reason behind this transfer is still unclear. Over a 24-hour period from Monday to Tuesday, the Shibburn tracking site saw a remarkable surge in the burn rate of this token, with a total of 453 million coins burned – this is a staggering 1,317% increase. 

Recent Developments in Shib

Shibarium, a layer-2 protocol built on top of Ethereum (ETH) and similar to Polygon (MATIC), is currently being tested in beta. According to the developer Shytoshi Kusama, the team will continue to refine the protocol for 2-4 months to ensure its efficacy and identify any potential bugs. Users should stay updated on the progress of this highly anticipated project.

The recent launch of the Shibarium and the transfer of Shib tokens have generated a surge of enthusiasm and inquisitiveness among the Shiba Inu community. This illustrates the community’s long-term dedication to an ever-increasing significance within the cryptocurrency industry.