Data platform Whale Alert, which tracks and publicly shares major movements in blockchain and memecoins, has reported an important and remarkable transfer in the second largest memecoin, Shiba Inu (SHIB). In this significant transaction, over 4 trillion SHIB tokens were transferred from a cryptocurrency exchange to an anonymous wallet address. Particularly, the price of SHIB turned upwards after this development, signaling an increase in investor sentiment.
According to the latest notification from Whale Alert, approximately 4.6 trillion SHIB tokens, worth $33.38 million, were transferred from the cryptocurrency exchange Bitvavo to an unknown wallet address. This substantial transfer seems to have caught the attention of investors, especially the Shiba Inu community, as the price of the altcoin started to rise despite the overall market decline.
In particular, data provided by Etherscan reveals that the wallet address where the SHIB tokens were transferred (0xfd557a929CC7c11111e655348774f8a790D3eA5F) holds only Shiba Inu. The data shows that there are approximately 4.59 trillion SHIB tokens in the wallet address, which is almost the same amount as the SHIB tokens transferred earlier today.
The recent transaction has sparked various speculations, suggesting that the crypto whale has repurchased SHIB tokens after a potential sell-off. Alternatively, considering the size of the transfer, it is also possible that the cryptocurrency exchange moved a portion of the SHIB tokens to an internal wallet address. The purpose of the SHIB transfer remains a topic of debate.
Increased Burning Rate for Shiba Inu
According to the data provided by the Shibburn platform, which tracks SHIB burnings on the Shiba Inu network, a total of 247.75 million SHIB tokens were burned and removed from circulation in multiple transactions within the last 24 hours. This burning resulted in a 35.88% increase in the overall burning rate compared to the previous day.
Furthermore, the two most significant portions of the burned SHIB tokens are 191.53 million and 15.77 million SHIB tokens, respectively. At the time of writing, the data shows that a total of 410.66 trillion SHIB tokens have been burned.
The price of Shiba Inu is currently trading at $0.000007323, experiencing a 0.80% increase in the last 24 hours. The altcoin’s trading volume has decreased by 29.54% to $71.8 million in the same time period.