Whale Transfers $250M in SHIB Tokens to Unknown Wallet

• An unknown Ethereum address has transferred almost 25 trillion Shiba Inu tokens worth over $250 million from a top crypto exchange to a self-custody wallet.
• The transfer was made in six different transactions and the whale has been amassing ETH rapidly since March 1st, possessing 992 ETH alongside its now 25 trillion SHIB.
• Statistics collected by WhaleAlert shows that the largest transaction it recorded involved the transfer of 4.1 trillion SHIB tokens to an unidentified wallet for around $45 million.

Unknown Address Transfers 25 Trillion SHIB Tokens

An unknown Ethereum address has transferred almost 25 trillion Shiba Inu tokens worth over $250 million from a top crypto exchange to a self-custody wallet, according to on-chain data reported by crypto analytics firm Santiment. The SHIB tokens were moved from an Ethereum address categorized by Etherscan as belonging to US crypto exchange Crypto.com to a new wallet.

Record-Breaking Transfer

The transfer was made in six different transactions and the whale has been amassing ETH rapidly since March 1st, possessing 992 ETH alongside its now 25 trillion SHIB. Related Reading: Major Bitcoin ATM Maker Hacked, Over $1.5 Million In BTC Stolen Shiba Inu Transfer Is 3rd Largest In The World According to The Daily Hodl, the massive transfer to the cold storage makes it the third largest Shiba Inu wallet in the world and the biggest that has not been identified as belonging to an exchange. Statistics collected by WhaleAlert shows that the largest transaction it recorded involved the transfer of 4.1 trillion SHIB tokens to an unidentified wallet for around $45 million.

Shibburn Sees Unprecedented Increase

In a 24-hour span from Monday and Tuesday, the Shiba Inu burn tracking site Shibburn witnessed an explosion in SHIB’s burn rate, with the dog-inspired token incinerating a whopping 453 million coins – marking an unprecedented 1,317% surge. Image: Gfinity

What is Burning?

The act of „burning“ Shiba Inu tokens refers to the process of sending them to an address without any retrievable private key, making them effectively unusable and removing them from circulation permanently. This is often done