Shiba Inu Whale Withdraws 692 Billion SHIB from Crypto.com as Burn Rate Spikes 288%

An unidentified whale has concluded a large transaction, moving more than 692 billion Shiba Inu (SHIB) tokens. According to a post from blockchain tracker and analytics system for large transactions, Whale Alert, a whale moved 692.4 billion SHIB, worth more than $19.2 million.

According to the Whale Alert post on X (formerly Twitter), the funds were withdrawn from the Crypto.com exchange. An attached link specifies that the transaction took place at 3:18 a.m. UTC on Monday and cost only $1.56 in transaction fees.

Shiba Inu Whale May Be Connected with Crypto.Com

Although Whale Alert did not provide identifying information about the receiving account, reports suggest that the recipient is digital asset trust and security firm BitGo. The receiving address now has a total of $52.96 million after the transaction.

There is some speculation about the recipient’s identity, or whether or not such a transfer indicates anything for Shiba Inu in general. However, a report suggests that the BitGo wallet is a multi-signature (Multisig) wallet that BitGo provides to users for storage. These wallets use smart contracts to function with multiple addresses and require more than one signature to process a crypto transaction. Although any user can get a multisig wallet, it is usually used by institutions managing several tokens, for increased security. This means the chance the recipient is an individual, or a single retail investor is unlikely.

Further investigation ties the wallet in some way to Crypto.com. In the last three days, the same wallet has received over 200 transfers from the Crypto.com exchange. With the new transaction, the wallet balance now holds more SHIB than other assets. This lends some credence to the connection with Crypto.com because SHIB makes up a considerable amount of the exchange’s holdings.

According to data from MarketWatch, SHIB has performed quite well this year. Currently, at $0.00002895, the dog-themed meme coin has gained more than 206% over the last three months despite losing nearly 12% in the past month. Current year-to-date (YTD) gains put SHIB at 178%.

SHIB Burns Spike 288%

Shiba Inu is also in the news for token burns. Data from Shiba Inu burn tracker ShibBurn shows that the burn rate over the last 24 hours increased by a staggering 288%. The data also shows that more than 96.2 billion SHIB have been burned in that period. According to Shib Burn, the burns took place across 10 transactions, with the lowest one sending 6,071 SHIB to an unspendable wallet. However, most of it happened hours ago, with more than 91 billion SHIB burned in one transaction.

Some members of the community have suggested that SHIB could hit the $1 mark if it burns 1 trillion tokens. This would immediately increase SHIB scarcity and pump the asset’s price. The discussions began after the price of meme coin Floki jumped by more than 800% following developers’ decision to burn 1 billion FLOKI. Unfortunately, Shiba Inu’s lead developer Shytoshi Kusama says this is impossible because SHIB developers do not have 1 trillion tokens to burn.

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