An unknown Shiba Inu (SHIB) whale moved just over 708 billion SHIB from a Gemini wallet to an unknown wallet on Thursday. The equivalent value of the transaction is just under $6 million.
While the Shiba Inu ecosystem is going through various fluctuations due to a bumpy Shibarium launch, a whale has withdrawn over 708 billion SHIB from their Gemini account.
Shiba Inu (SHIB) Whale Activity
According to Etherscan, a whale, 0x941b, received more than 708 billion SHIB tokens on Aug. 23 from the Gemini wallet.
After withdrawing the above funds, the anonymous whale made two more transactions. The person sent the 708 billion SHIB and another 1.2 million to another unknown crypto wallet with the address 0x10A9. And they also sent 2.8 billion SHIB to the wallet address 0xa21A
After this transaction, the receiving wallet, 0x10A9, tagged as “WalletSimple,” now holds 772.4 billion SHIB. BeInCrypto discovered that organizations like BitGo use the WalletSimple contract. It is worth noting that the address has interacted with Shiba Inu after nearly 230 days.
The main purpose of the transactions is not clear yet. Hence, investors should not make their investing decisions relying only on this information. Earlier this week, Whale Alert shared data of over one trillion SHIB transfers between anonymous addresses.
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SHIB Burn Transfers
In the meantime, the community continues to send Shiba Inu tokens to so-called burn addresses for token burns. Shibburn shows the project burned over 119.5 million tokens in the past 24 hours.
The goal of token burns is to reduce the meme coin’s circulating supply. A falling supply can theoretically lead to a shortage of the asset. If demand remains the same and supply decreases, the underlying asset’s price may rise.
Meanwhile, the price of SHIB continues to go down after the controversial Shibarium launch. As of writing, the token is trading at $0.00000809, down by around 2.35% in the past 24 hours.
On Thursday, BeInCrypto reported that Shibarium has restarted in private mode, and the team is preparing to reopen it to the public.
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