Shiba Inu (SHIB) is extremely popular not just among retail investors but also among whales. According to WhaleAlert, an unknown wallet has taken nearly 12.3 trillion SHIB tokens off of Crypto.com. The value of the tokens is about $135 million.
Moving assets off of exchanges is always a positive sign, as it shows the investor’s confidence in the long term. There is less chance of a sell-off, and the move might inspire other investors to continue holding. The mysterious wallet may belong to a group of wealthy individuals who anticipate a price movement.
It is also possible that the wallet belongs to Crypto.com, and the exchange is moving around its SHIB balance. Crypto.com has a large amount of SHIB in its reserves, as it was revealed as part of its proof-of-reserves.
Shiba Inu’s price has not reacted to the massive movement. The token faces resistance at $0.00001129, with support at $0.00001050. SHIB’s price dived last week, when rumors about Shibarium’s code being a clone of Rinia’s began to surface. Nonetheless, SHIB has since made a turn for the better.
Shiba Inu confirms Koyo Token burned 4.6 billion SHIB
KoyoToken, a recently launched project, has burnt up to 4.6 billion Shiba Inu tokens in the last ten days, according to Shibburn, Shiba Inu’s dedicated burn tracker. Shibburn’s affirmation followed arguments, as some supporters expressed skepticism about the development. The burns led to a 10960% spike in the burn rate.
Some members of the Shiba Inu community questioned the fact that the number of tokens purportedly burned by the project does not reflect on the SHIB burn tracking mechanism. This was in response to allegations that KoyoToken had started an incineration campaign.
Shibburn clarified to these inquiries that KoyoToken burned the tokens utilizing the burn gateway. The quantity of burntSHIB tokens held by the KoyoToken address serves as evidence of the burned tokens. A token called burntSHIB is delivered to addresses when Shiba Inus are burned using the burn portal. The token’s sole function is to keep track of how many Shiba Inu tokens have been burned by any given address, and it is not transferable. Any SHIB token burned has a 1:1 ratio to this token. An address will automatically receive 1 burntSHIB if it burns 1 SHIB through the burn portal.
At press time, SHIB was trading at $0.00001091, down by 0.3% in the last 24 hours.