Spot on the channel says Gemini, one of the largest cryptocurrency exchanges in the United States, recently moved many funds into a new multi-signature custodial wallet. The wallet, created only 18 days ago, quickly amassed numerous altcoin holdings, including a major acquisition of 200 billion. Shiba Inu (SHIB) tokens valued at approximately $3.39 million.
In addition to this, the wallet under the address “0xc96” also contains 42,000 ETH worth $103.8 million; 350,000 LINK equals $3.77 million and 400 billion PEPE tokens total $3.29 million. The last time this account was used was just nine hours ago, suggesting that it is actively accumulating various tokens.
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The Winklevoss brothers founded Gemini in 2014, and it is still a big name in crypto. It currently manages assets worth $6.05 billion and has an average daily turnover of $53.98 million. The exchange’s decision to consolidate millions of dollars in altcoins into a new wallet suggests a possible strategic move as it strengthens its custody services and secures funds across popular assets.
At the same time, the addition of 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 more established tokens. Dogecoin (DOGE). SHIB has really taken off over the last few years, with a large, enthusiastic community behind it and many services adopting it.
By securing many Shiba Inuthe scholarship shows its interest in community projects. This could make SHIB more attractive, possibly attracting new investors or encouraging current holders to hold on to their positions.