Nearly 25 trillion SHIB tokens worth more than $250 million have left a major crypto exchange and are now off the market in cold storage, according to new on-chain data.
First discovered by cryptanalysis firm Santiment, an unknown Ethereum (ETH) address transferred 24.9 trillion SHIB to a self-custody wallet in six different transactions.
The whale has also been rapidly accumulating ETH since early March, according to Santiment.
“$276 million in Shiba Inu was transferred from an exchange wallet to a self-custodial wallet in 6 separate transfers today.
This address has also been accumulating Ethereum rapidly since March 1, owning 992 ETH along with its SHIB now 24.94T.”
Data from Santiment shows that the SHIB moves from an Ethereum address labeled by Etherscan as belonging to the US crypto exchange Crypto.com.
All the SHIBs are now sitting at a new address, which is now the third largest Shiba Inu wallet in the world, and the largest yet to be identified as belonging to an exchange. It is not clear if the transactions are Crypto.com segregating its SHIB to a new wallet or another whale moving its tokens.
According to the Shiba Inu Shibburn burn tracking site, SHIB burning rate exploded by 1,316.43% on Tuesday, with the memecoin burning a total of 452,950,434 tokens in the 24-hour period between Monday night and Tuesday night.
The Shiba Inu community is excited about the beta release of Shibarium, the layer 2 ecosystem protocol built on top of Ethereum (ETH), similar to Polygon (MATIC). Last week, SHIB officially launched the beta version, allowing beta testers to explore the testnet.
SHIB’s pseudonymous developer, Shytoshi Kusama, estimates that Shibarium will remain in beta for two months, but acknowledges that the timetable is uncertain and could take up to four months. Kusama notes that the beta version involves “building systems and looking for bugs.”
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Featured Image: Shutterstock/Kiselev Andrey Valerevich/Natalia Siiatovskaia