4.4 Trillion SHIB Withdrawn from Major Exchange, Here's Surprising Destination

Blockchain tracker Whale Alert reported in a recent X post that an enormous move of over four trillion Shiba Inu was made as these meme coins were withdrawn from major crypto exchange Bitvavo located in Amsterdam.

In the meantime, Shytoshi Kusama just recently introduced a new update on Shibarium, which expands the range of opportunities for its users and allows them to protect their digital identity.

4.46 trillion SHIB on move

Whale Alert spread the word that a total of 4,464,530,677,374 SHIB were withdrawn from Bitvavo to an undisclosed wallet. This multi-trillion-SHIB transfer is the equivalent of $33,914,658 in fiat.

However, Whale Alert then provided details of the transaction, stating that the receiver wallet also belongs to Bitvavo; therefore, it was an internal transfer of this crypto trading platform.

Over the past two months, Bitvavo has several times conducted similar huge SHIB transactions to reshuffle its crypto balances. Whale Alert has also been noticing transfers of more than 4.3 trillion Shiba Inu made by anonymous digital wallets belonging to whales.

Speaking of whales' transfers, this week, IntoTheBlock on-chain data vendor spotted a massive rise on SHIB on-chain flows of whales; this metric spiked by 1,172%. This may indicate that whales are accumulating staggering chunks of SHIB while the price is on a heavy decline again.

Shytoshi Kusama implements Shiba Name Service

In a blog post published on Oct. 31, the pseudonymous lead developer Shytoshi Kusama introduced a new feature of the Shibarium Layer-2 blockchain. It is called Shiba Name Service (SNS) and is aimed at creating a so-called Shibdentity, "a decentralized identity platform that empowers users to own and control their digital identities."

Now, using SNS, Shibarium users can generate their own SHIB-related names to utilize them on the blockchain. In a nutshell, users now can get themselves "human-readable" addresses, rather than using a sequence of letters and digits.

1.4 billion SHIB burned

According to a recent X post published by the Shibburn service, the SHIB community succeeded in disposing of a massive SHIB amount in October. Shibburn stated that a substantial 1,461,135,923 SHIB were sent to "inferno" wallets with 753 transactions.

Each SHIB burn is aimed at reducing the circulating supply of the meme coin in an attempt to make it more scarce and thus help drive its price up in the future.