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- One of the biggest Shiba Inu token transfers took place recently.
- The transaction of about 25 trillion SHIBs is worth more than 270 million USD.
The current crypto market situations are relatively quiet as the broader crypto market is in consolidation. Amid this pin-drop silence within the market, a movement popular memecoin Shiba Inu (SHIB) was spotted allegedly by a whale. The on-chain data shows the number of tokens in trillion accounts for about 276 million USD in their value.
Quarter a Million Worth 25 Trillion SHIBs
According to the crypto analytics firm Santiment, almost 25 trillion SHIB tokens were transferred from an unknown Ethereum (ETH) wallet address. The transaction occurred over a leading crypto exchange and a self-custody wallet.
Given the sheer size of the amount, the transfer took place in six different transactions during the process. As reported, the Shiba Inu recipient wallet was witnessed accumulating Ethereum (ETH) since the start of March 2023. By then, it is now holding about 992 ETH along with recently added 25 trillion Shiba Inu (SHIB) tokens.
Since it was an Ethereum address, Etherescan found the wallet sent SHIB tokens from the crypto exchange Crypto.com.
It was not clear until now if the crypto exchange itself carried out the transactions to move SHIB tokens or if some whale was trying to relocate the crypto asset. Though the location of the wallet is unknown, what’s known is that the amount of recent transactions reportedly makes the recipient a cold storage wallet, the third largest wallet carrying Shiba Inu.
Depreciating SHIB Count
The transfer of massive amounts of SHIB tokens followed the significantly accelerated rate of Shiba Inu burns witnessed over Shibburn. The site tracking the Shiba Inu burn noted an unprecedented surge in the burning rate. As reported, about 453 million SHIBs were eliminated from the current supply in the last 24 hours and noted an over 1,300% jump.
The rise in burn rate shows that community-wide efforts to control the token count of memecoin are slowly picking up pace. In addition, the community is also looking up to Shibarium’s beta launch. The protocol is an Ethereum based layer-2 solution of the ecosystem.
In the wake of searching for more growth across the industry, the community is continuously exploring multiple sectors. The beta version, reported to be released last week, is said to facilitate the beta testers with the opportunity to have an insight into the potential testnet.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
