Nearly 25 trillion SHIB tokens worth over a quarter billion dollars have left a top crypto exchange and are now sitting off the market in cold storage, according to new on-chain data.
First spotted by crypto analytics firm Santiment, an unknown Ethereum (ETH) address transferred 24.9 trillion SHIB into a self custody wallet in six different transactions.
The whale has also been rapidly accumulating ETH since the beginning of March, according to Santiment.
“$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.”
Santiment’s data shows the SHIB moving from an Ethereum address labeled by Etherscan as belonging to US crypto exchange Crypto.com.
All the SHIB are now sitting in a new address, which is now the third largest Shiba Inu wallet in the world, and the biggest that hasn’t yet been identified as belonging to an exchange. It’s unclear if the transactions are Crypto.com segregating its SHIB to a new wallet, or another whale moving its tokens.
According to the Shiba Inu burn tracking site Shibburn, SHIB’s burn 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 evening and Tuesday evening.
The Shiba Inu community is buzzing on the beta launch of Shibarium, the ecosystem’s layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC). Last week, SHIB officially released the beta version, allowing beta testers to explore the testnet.
Pseudonymous SHIB developer Shytoshi Kusama estimates that Shibarium will remain in beta for two months but acknowledges that the timeline is uncertain and could take as long as four months. Kusama notes the beta involves “creating systems and bug hunting.”
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Featured Image: Shutterstock/Kiselev Andrey Valerevich/Natalia Siiatovskaia