According to on-chain data published by crypto analytics company Santiment, nearly $250 million worth of Shiba Inu tokens were transferred from a top cryptocurrency exchange to a self-custody wallet by an unidentified Ethereum address.
A new wallet was used to transfer SHIB tokens from an Ethereum address that Etherscan identified as belonging to US cryptocurrency exchange Crypto.com.
The transfer was completed in six separate transactions, and the whale now owns 992 ETH in addition to its current 25 trillion SHIB after rapidly accumulating ETH since March 1.
The largest Shiba Inu wallet that has not been identified as belonging to an exchange, according to The Daily Hodl, is now the third largest in the world thanks to a significant transfer to cold storage.
According to data gathered by WhaleAlert, the biggest transaction it ever saw was the $45 million transfer of 4.1 trillion SHIB tokens to an unnamed wallet.
It is unclear if Crypto.com, which is transferring its SHIB to a new wallet, is making the transactions or if another whale is doing the same with their tokens.
The dog-inspired token SHIB burned through 453 million coins in a 24-hour period between Monday and Tuesday, an extraordinary 1,317% increase, as tracked by the Shiba Inu burn tracking website Shibburn.
Shiba Inu tokens can be “burned” by sending them to an address where there is no way to retrieve the private key, rendering them useless and permanently removing them from circulation.
By lowering the overall amount in circulation, this is frequently done to aid in the control of inflation and raise the value of the remaining tokens. Burning tokens is a community-driven initiative used in the case of Shiba Inu, the second-largest meme coin in the world, to raise the cryptocurrency’s value.
It is also thought to be a reference to the custom in some Asian cultures of burning paper money as an ancestor gift.
Shibarium, the layer-2 protocol for the ecosystem developed on top of Ethereum, is similar to Polygon, and it has just launched its beta version, which has the Shiba Inu community excited as well.
While they continue to look for new opportunities for expansion, the Shiba Inu community is growing. Beta testers now have the chance to see the testnet thanks to SHIB’s beta release from last week.
