A large transfer of Shiba Inu tokens, amounting to over 692 billion units, has been carried out by an anonymous whale. This transaction was reported by Whale Alert, a monitoring platform for significant transactions on the blockchain, and it is equivalent to around $19.2 million in value.
Based on a recent update from Whale Alert’s X platform (previously known as Twitter), funds were transferred out of Crypto.com exchange around 3:18 a.m. UTC on Monday, with a minimal transaction fee of $1.56.
Shiba Inu Whale May Be Connected with Crypto.Com
According to reports, the anonymous account receiving the large transaction amount, which was not disclosed by Whale Alert, is believed to be BitGo – a well-known digital asset trust and security firm. The balance in this account now stands at approximately $52.96 million following the recent transaction.
It’s been discussed that the identity of the recipient and the significance of this transfer for Shiba Inu as a whole are subjects of debate. However, it’s worth noting that the BitGo wallet in question is a multisig wallet – a security feature offered by BitGo to its users. Multisig wallets operate using smart contracts and multiple addresses, necessitating multiple signatures to complete a crypto transaction. While any user can access a multisig wallet, they’re typically employed by institutions handling numerous tokens for enhanced security. As a result, it’s unlikely that the recipient is an individual or a single retail investor.
An in-depth examination reveals that this wallet is linked to Crypto.com in some capacity. In the past three days, approximately 200 transfers, all originating from Crypto.com’s exchange, have been received by this wallet. The latest transaction has significantly increased the wallet’s SHIB balance compared to its other assets. This discovery strengthens the possibility of a connection to Crypto.com as SHIB is a prominent coin on their platform.
Based on MarketWatch’s figures, SHIB, the meme coin with a dog theme, has excelled this year. Its current price of $0.00002895 represents an improvement of over 206% in the previous three months. However, there was a almost 12% decline in the past month. So far this year, SHIB‘s growth amounts to approximately 178%.
SHIB Burns Spike 288%
Shiba Inu is making headlines for its token destruction process, known as burns. As per ShibBurn’s latest report, the rate of burning SHIB tokens has skyrocketed by an astounding 288% within the last 24 hours. This data reveals that over 96.2 billion SHIB tokens have been eliminated during this timeframe. Shib Burn reports indicate that these burns transpired through ten distinct transactions, with the smallest one transferring 6,071 SHIB to a wallet where they can no longer be spent. However, most of the significant burning occurred hours ago, with approximately 91 billion SHIB tokens being burned in a single transaction.
A few individuals within the community propose that if SHIB were to destroy 1 trillion tokens, its price could soar and reach $1 due to the resulting scarcity. This idea gained traction after Floki’s price skyrocketed by over 800% following the burning of 1 billion FLOKI tokens by its developers. However, Shytoshi Kusama, SHIB‘s main developer, has stated that this scenario is unlikely as there are currently not enough SHIB tokens (1 trillion) held by the development team to be burned.
Read More
Sorry. No data so far.
2024-04-08 16:54