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

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. 

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.

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.

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.

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.