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200 Billion Shiba Inu (SHIB) Suddenly Land in Top US Exchange's Wallet

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Mon, 4/11/2024 - 13:02
200 Billion Shiba Inu (SHIB) Suddenly Land in Top US Exchange's Wallet
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Spot On Chain says that Gemini, one of the biggest U.S. cryptocurrency exchanges, recently moved a lot of funds into a new multisignature custody wallet. The wallet, which was created just 18 days ago, has quickly amassed a lot of altcoin holdings, including a major acquisition of 200 billion Shiba Inu (SHIB) tokens valued at around $3.39 million. 

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On top of that, the wallet under address "0xc96" also has 42,000 ETH worth $103.8 million; 350,000 LINK equivalent to $3.77 million and 400 billion PEPE tokens total to $3.29 million. The last time this account was used was just nine hours ago, which suggests that it has been actively accumulating various tokens.

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The Winklevoss brothers founded Gemini in 2014, and it is still a big name in the crypto space. It is currently managing assets worth $6.05 billion and averaging a daily turnover of $53.98 million. The exchange's move to consolidate millions of dollars in altcoins within a new wallet suggests a possible strategic move as it steps up its custodial services and secures funds across popular assets.

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Source: Arkham Intelligence

At the same time, adding 200 billion SHIB tokens to this new wallet shows that more and more institutions are interested in Shiba Inu.

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SHIB is a meme-inspired token that was first launched as a fun alternative to the more established Dogecoin (DOGE). SHIB has really taken off over the past few years, with a big, enthusiastic community behind it and lots of services embracing it.

By securing a lot of Shiba Inu, the exchange is showing its interest in community-driven projects. This could make SHIB more attractive, possibly attracting new investors or encouraging current holders to keep their positions.

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