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Massive 61 Billion SHIB Token Movement to Dormant Wallets Hints at Resurging Shiba Inu Whale Activity

Published September 28, 2023 12:43 PM
Omar Elorfaly
Published September 28, 2023 12:43 PM

Key Takeaways

  • 164 million SHIB tokens were burned.
  • Two previously dormant cryptocurrency wallets withdrew 61 billion SHIB from Binance and MEXC.
  • New SHIB whales might emerge.

Blockchain tracker Etherscan shows two wallets that were previously dormant withdrew  around 61 billion Shiba Inu tokens in 24 hours. 

At the same time, Shibburn, a burn tracker dedicated to Shiba Inu tokens reports over 164 million  tokens taken out of circulation.

Is SHIB expecting an imminent surge?

Major SHIB Movement

Etherscan shows that two previously dormant crypto wallets used Binance and MEXC to withdraw  over 61 billion Shiba Inu tokens, valued at around $500,000.

On the same day, Shibburn reported over 164 million SHIB tokens burned, never to be accessed again.

Among the most notable transactions comes from a wallet (0x811beed0119b4afce20d2583eb608c6f7af1954f) which burned over 10 million tokens in one go.

Shibburn shows over 161 million SHIB burned
Shibburn shows over 161 million SHIB burned

Regardless, SHIB has yet to change in price. 

Shiba Inu priced unchanged
Coinmarketcap shows Shiba Inu unaffected by major token withdrawals and burns

Multiple popular product companies, such as the Swiss luxury watchmaker Tag Heuer, have already integrated SHIB as a payment method. Moreover, Texas residents may now pay their solar panel bills in various digital assets, including SHIB.

New SHIB Wallet

The ShibariumID project officially announced  its plans to introduce the first domain name service designed specifically for the Shibarium ecosystem in collaboration with Proof of Human, a venture capital company. The company focuses on supporting innovative products and technologies in the digital identity sector.

The project  has yet to release actual details about the product, but the company offers information about its four-member management team and its mission in the digital asset space.

ShibariumID is set to provide a centralized discovery hub that enables users to explore supported domains and trending collections. Users may also utilize auto-suggestions and quick registration status checks for an easier domain acquisition process.

ShibariumID will also offer a list of domain-related services, such as domain trading, and consolidating liquidity from various sources.

The Shiba Inu team intends to charge a commission on each “.shib” domain sale and the proceedings will be used towards burning SHIB, donating to Doggy DAO, and supporting nonprofit initiatives.

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