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Another Shiba Inu Whale Moves 25 Trillion SHIB, Analysts Say Coinbase

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By Augustine Mbam - - 5 Mins Read
Shiba inu token coin
Photo by Traxer via Unsplash

Reports from crypto analytics firm Santiment show that a Shiba Inu Whale just transferred about 25 trillion tokens worth over $250 million from a well-known crypto exchange to a cold wallet. The Ethereum address where the transaction happened is unknown, but the details show that the transaction occurred between a top crypto exchange and a self-custody wallet. This is not the first time Shiba Inu Whales buy the tokens and sent them to an unknown wallet address. The community and the Shiba Inu token are growing, a reason many investors are trying to profit from the token. 

The Shiba Inu tokens were revealed to have been moved from a top crypto exchange called Crypto.com to a cold wallet. The details about the crypto exchange where the transaction happened and the wallet to which it was transferred were revealed by Etherscan. This particular transfer wasn't made in one go. It was made for about six times to amount to the 25 Trillion SHIB Tokens. Apart from the Shiba Inu tokens sent, data shows that the unknown whale has been amassing as many as 992 ETH tokens since March started. This enabled the whale to make a transaction as big as that. 

3rd Largest Crypto Transfer in The World 

The new Shiba transactions made by the unknown had put the token in the history books of the crypto industry. One of the transactions made by the crypto whale made it to the list of the top 3 largest transactions in the crypto industry. This was revealed by The Daily Hodl, which also said it was the most significant transaction not identified as belonging to an exchange. One of the transactions made was around 4.1 trillion Shiba Inu tokens worth around 45 million dollars. The wallet in which this transaction was made has not been identified yet. 

There are still speculations about whether the transaction was made by Coinbase or Crypto.com, who might be looking to move their Shiba Inu tokens to another wallet, or a whale who wants to do the same thing. Another line of thought is that it might be part of the Shiba Inu team's efforts to burn some tokens. According to information provided by the Shiba Inu burn tracking site Shibburn, massive burning attempts have been made Hu the Shiba Inu developers and its community. The developers and community have burned as many as 453 million Shiba Inu tokens. This move by the Shiba ecosystem has contributed massively to the increase in Shiba Inu price. 

Shiba Inu Burning Initiative 

Within the Shiba ecosystem, they have a self-burning initiative allowing developers and community members to burn some tokens to increase their value. Burning a token within the Shiba Inu community means sending those tokens to a wallet that has no retrievable private keys. This means once those tokens are sent to these wallets, they become automatically useless. 

Shiba Inu market cap over $6 billion (TradingView)

The developers and community members are so invested in this line of action to reduce inflation within the ecosystem and increase Shiba Inu's price and value. When tokens are burnt or removed from existence, the remaining tokens become very scarce to the public. When this happens, the value of the remaining tokens is highly increased.