Whale Alert, a popular blockchain data monitoring platform that tracks large crypto transactions, detected a massive SHIB asset on the move just over four hours ago. The transaction carried approximately five trillion SHIB tokens to an empty wallet. Meanwhile, another whale sold all of their SHIB and BONE tokens to buy another popular meme coin, PEPE.
Five Trillion SHIB on the Move
According to Whale Alert’s post, a total of 4,712,881,590,632 SHIB was sent from one anonymous wallet to another. The receiving wallet was completely empty before this transfer, indicating the entry of a new Shiba Inu whale into the crypto market. Given the size of the transfer, another possibility is that a crypto exchange shuffled its crypto assets and moved a large amount of meme coin holdings to a newly created wallet.
Santiment, an on-chain data analysis company, detected a significant increase in SHIB whale activity last week. After a slight rise followed by a price correction, they started buying large amounts of SHIB, thus creating favorable conditions for “discounted” purchases.
The price of SHIB is experiencing a negative situation due to the newly launched Shibarium Layer-2 blockchain network facing several serious issues, resulting in funds being locked in the Shibarium-Ethereum bridge and currently being unavailable.
Whales Buying PEPE
Some whales have started buying PEPE, another popular meme coin, by selling their SHIB and other major tokens. According to Lookonchain, a data analysis platform tracking whale transactions, one of these large wallet holders sold all their SHIB and BONE assets and purchased a significant PEPE holding worth $1.28 million.
Within the past three days, the investor sold approximately 980,000 BONE for 787 ETH. After the Shibarium network halted block production, the whale transferred their SHIB holdings to Binance for sale, amounting to 143 billion SHIB worth $1.32 million.
Hundreds of Millions of SHIB Burned
Despite the issues faced by the SHIB team with Shibarium, the SHIB community remains active in burning Shiba Inu meme coins. As reported by Shibburn, various organizations and individuals transferred 323,182,072 SHIB to burn wallets in the past 24 hours. This increased the burn rate of the second-largest meme coin by approximately 50%.
Among the three largest SHIB burns since yesterday morning were pieces carrying 31 million, 30 million, and 29 million SHIB, respectively.
