Spot On Chain said that Gemini, one of the largest cryptocurrency exchanges in the United States, recently transferred a large amount of funds to a new multi-signature escrow wallet. The wallet was created 18 days ago and has quickly accumulated a large number of altcoins, including the acquisition of 200 billion Shiba Inu (SHIB) tokens for approximately $3.39 million.
In addition, the wallet under the address "0xc96" also has 42,000 ETH worth $103.8 million, 350,000 LINK worth $3.77 million, and 400 billion PEPE tokens worth $3.29 million. The account was last used just 9 hours ago, indicating that it has been actively accumulating various tokens.
The Winklevoss brothers founded Gemini in 2014 and it remains a big name in the cryptocurrency space. It currently manages $6.05 billion worth of assets and has an average daily turnover of $53.98 million. The exchange has consolidated millions of dollars of altcoins into a new wallet, suggesting it may be a strategic move as it works to strengthen its custody services and ensure the safety of funds for popular assets.
At the same time, the addition of 200 billion SHIB tokens to this new wallet indicates that more and more institutions are interested in Shiba Inu.
SHIB is a meme-inspired token that was originally launched as an interesting alternative to the more established Dogecoin (DOGE). SHIB has really taken off in the past few years, with a large and enthusiastic community behind it, and many services have adopted it. By acquiring a large number of Shiba Inu, the exchange is showing its interest in community-driven projects. This could make SHIB more attractive, potentially attracting new investors or encouraging existing holders to retain their positions.
