708 Billion SHIB Withdrawn From Gemini, There's a Big Catch

Whale Alert has reported that a staggering amount of Shiba Inu meme coins, slightly less than 710 billion SHIB, was withdrawn from major crypto exchange Gemini to anonymous address 0x941b4FdB4b1533Ab2Cc8b90fF0700F658B4Aa642.

🚨 708,416,119,061 #SHIB (5,991,429 USD) transferred from #Gemini to unknown wallethttps://t.co/WNGQrs2RLw

— Whale Alert (@whale_alert) August 23, 2023

708 billion SHIB moved from Gemini and sent on to dormant wallet

The amount of 708,416,119,061 SHIB is the equivalent of $5,991,429. According to Etherscan, there was another SHIB withdrawal from the same exchange, but it was a lot smaller – 48,426,150 SHIB.

Thus, overall, the anonymous whale moved, after presumed purchases, a total of 708 billion Shiba Inu from the platform owned and run by the Winklevoss "crypto twins."

Notably, after the anonymous whale withdrew the aforementioned funds, he made two transactions, sending the 708 billion SHIB plus 1.2 million SHIB to another unknown wallet – 0xa21A16EC22a940990922220E4ab5bF4C2310F556. The receiving wallet now holds 4,873,110,287. This address had been dormant until now, per Etherscan. The first two transactions on it were conducted 250 days and 16 hours ago.

This transfer to an awakened wallet may indicate that this whale is trying to reshuffle their SHIB holdings or may have sold this 708 billion SHIB lump to another holder.

Earlier this week, Whale Alert shared data on several other massive transfers of SHIB, each carrying more than 4.6 trillion Shiba Inu. These transactions were made between anonymous addresses as well.

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Tens of millions of SHIB burned

In the meantime, the SHIB community continues to send Shiba Inu tokens to dead-end wallets. According to the Shibburn tracking website, over the span of the last 24 hours, 47,459,752 SHIB tokens have been transferred to "inferno" addresses, where they will be permanently locked. These burns have pushed the SHIB burn rate slightly more than 50% down compared to the amount of SHIB removed yesterday.

The largest chunks of SHIB that were burned contained 12,660,229 SHIB and 11,739,611, with 13 burn transactions made in total, per Shibburn.

The goal of token burns is to try to reduce the circulating supply of a coin to a great extent. If a coin's supply shrinks, it may, in theory, make the coin more scarce as an asset, with the demand remaining high, therefore a surge in price can be expected.

At the time of this writing, Shiba Inu is trading at $0.000008322 after showing a nearly 2% increase within the last 24 hours.