Major U.S. Exchange Accumulates 200 Billion SHIB in New Wallet
In a recent update shared by Spot On Chain on X, Gemini—one of the largest cryptocurrency exchanges in the United States—has made headlines by amassing a significant amount of Shiba Inu (SHIB) tokens in a newly created wallet. This multisignature custody wallet was set up only 18 days ago, and in a short span, it has collected a diverse portfolio of altcoins. Among these assets is a massive 200 billion SHIB, valued at approximately $3.39 million.
Alongside the SHIB tokens, the wallet also contains 42,000 Ethereum (ETH) worth about $103.8 million, 350,000 Chainlink (LINK) valued at $3.77 million, and 400 billion Pepe (PEPE) tokens worth an additional $3.29 million.
Gemini currently manages around $6.05 billion in assets and handles an average daily trading volume of $53.98 million. The large SHIB acquisition suggests a growing institutional interest in the token, potentially making it more appealing to both new investors and seasoned holders alike. By securing such a substantial amount of SHIB, Gemini could be signaling a strategic move, drawing fresh attention to this meme-based cryptocurrency in a market where institutional support often has a notable impact.