24.9 trillion Shiba Inu moved from major exchange to now fourth largest SHIB holder
According to Whale Alert, a significant cryptocurrency exchange called CryptoCom has transferred more than 24.9 trillion Shiba Inu to an unidentified wallet.
The shifted volume, or $270 million, accounted for 46% of the exchange’s SHIB reserves and 4.22% of its circulating supply.
— Whale Alert (@whale_alert) March 20, 2023
In a tweet sent this morning by Chris Marszalek, the CEO of one of the biggest cryptocurrency exchanges, the reason for the massive outflow of Shiba Inu tokens to unidentified addresses was revealed.
As part of our usual custody operations to ensure continued safety and security, we will be rebalancing several assets across new addresses. This will have no impact for our customers and we have updated our asset dashboard on Nansen for full transparency. No need to FUD, thanks.
— Kris | Crypto.com (@kris) March 20, 2023
The official stated that to assure the safety and security of the funds, routine custody activities, including the movement of trillions of SHIB, are being carried out on CryptoCom.
According to its head, the actions taken should not impact exchange customers, and a report on the assets of CryptoCom will be released soon. Marszalek said there is no justification for fostering apprehension, apprehension, or doubt.
As a result of the transfers, the address, which received 24.9 trillion SHIB, became the fourth largest holder of tokens, according to Etherscan. There are only two hot wallets of Binance, a big exchange, in front of it. The first place, however, is after the dead address designated for SHIB burning. Presently, it has 410.34 quadrillion tokens.
Shiba Inu community seems to be regaining speed burning its favorite meme token
The Shibburn tracking platform tweeted on Sunday that throughout the previous week, various SHIB community members were able to get rid of more than two billion Shiba Inu. Extensive burns displayed by the SHIB army last week and bullish price movement was related. But at this point, that growth has significantly decreased.
It took 290 transactions over the past seven days to reduce the total quantity of SHIB in circulation by 2,072,114,690 Shiba Inu. The burn statistics for that week revealed that large sums of up to one billion SHIB—or even half a billion SHIB—were frequently delivered to empty wallets. This excellent accomplishment was the result of active burning last week.
— Shibburn (@shibburn) March 19, 2023
Yet, just 15,248,223 Shiba Inu meme tokens were burned on the last day, making them locked in non-spendable wallets. The burn rate had increased by thousands of percent for several days straight, yet it was still marginally higher than 1,500% (with 39 million SHIB burned). The total number of meme tokens was approximately 2.5 billion SHIB the week prior.
The price of the second-largest meme token by market capitalization increased by over 17% by Wednesday last week. This price increase was made possible by the news that the Puppynet, the Shibarium beta testnet, had finally started operating. That took place on Saturday, March 11, and it helped SHIB develop, taking it to a price of $0.00001170.
But after that, the meme currency started to lose those gains, dropping more than 12%. Since March 15, there has been an overall growth of about 5%, with a significant spike and a subsequent decrease.
SHIB/USD 4-hour chart | Source: TradingView
Shiba Inu is trading on the Coinbase exchange for $0.00001067 as this article was written.
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