Coinspeaker
Shiba Inu Whale Withdraws 692 Billion SHIB from Crypto.com as Burn Rate Spikes 288%

An unidentified whale has concluded a large transaction, moving more than 692 billion Shiba Inu (SHIB) tokens. According to a post from blockchain tracker and analytics system for large transactions, Whale Alert, a whale moved 692.4 billion SHIB, worth more than $19.2 million.

According to the Whale Alert post on X (formerly Twitter), the funds were withdrawn from the Crypto.com exchange. An attached link specifies that the transaction took place at 3:18 a.m. UTC on Monday and cost only $1.56 in transaction fees.

Shiba Inu Whale May Be Connected with Crypto.Com

Although Whale Alert did not provide identifying information about the receiving account, reports suggest that the recipient is digital asset trust and security firm BitGo. The receiving address now has a total of $52.96 million after the transaction.

There is some speculation about the recipient’s i...