The whale has moved more than 3 trillion SHIB tokens

02.06.2023, 17:50
A mysterious user has been consistently moving $40 million worth of meme coins between addresses for several months. Traders hold the meme token longer than other cryptocurrencies. What is the reason for this?
The whale has moved more than 3 trillion SHIB tokens

A mysterious whale has attracted the attention of SHIBArmy. Data analysis on the Ethereum blockchain showed that for several months a major player moved 3.37 trillion Shiba Inu (SHIB) tokens between addresses. That's $40 million. Now the tokens are distributed between different addresses with relatively small balances.

There is no ETH at the address where the tokens were originally stored. This suggests that it is part of a larger wallet with more tokens. It is unclear whether the funds belong to a cryptocurrency exchange that organizes storage on a "cold wallet", or to an investor who decided to protect himself.

Meanwhile, CryptoGlobe reports: the average retention time for "shiba" on the Coinbase exchange has exceeded the 6-month mark. The retention time of the meme token on the platform is currently 183 days. This is more than other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) and Solana (SOL).

Despite the departure of the founder of the project, the owners of Shiba Inu continue to use the token and are waiting for the launch of new solutions in the near future. These include Shibarium, a tier 2 blockchain into which SHIB tokens can be transferred. This scaling solution will reduce transaction fees. Gamers are expecting SHIB: The Metaverse, a shiba inu-themed metaverse in which users have already started buying land. In addition, developers are working on Shiba Eternity, a collectible card game that the community has been waiting for. The gameplay for Shiba Eternity was presented after confirming a successful test among Vietnamese iOS users.

Read on the topic: TOP Crypto Exchanges in 2023