In the last 24 hours, Whale Alert, the blockchain tracking service, reported a substantial movement of Shiba Inu (SHIB) meme coins amounting to nearly $40 million in fiat currency.
Details disclosed by Whale Alert identify the entity responsible for this sizable SHIB transaction. Meanwhile, SHIB, the second-largest meme-inspired cryptocurrency, has experienced a significant downturn, losing around 7% of its value in the last 24 hours. Since the weekend, SHIB has seen a 13% decline, dropping from $0.00000986 to its current level of $0.00000858.
The recent transaction involved a staggering 4,276,568,835,013 SHIB meme coins, equivalent to an enormous $37,950,271. Whale Alert’s analysis indicates that the transfer originated from an internal wallet of the Netherlands-based Bitvavo exchange and was moved to a wallet associated with Bitvavo. This movement might be attributed to the exchange reshuffling its cryptocurrency balances.
Notably, there have been other significant SHIB movements, such as Tron founder Justin Sun’s purchase of nearly 80 billion SHIB on Binance. The acquired tokens were subsequently transferred to a cold wallet along with other cryptocurrencies like LINK and FLOKI, a competitor to Shiba Inu.
Additionally, a notable development involves an anonymous whale burning 100 million SHIB in the past 24 hours. Lucie, a key member of the Shiba Inu team responsible for social media marketing, revealed that the @theshibdream Twitter account, the issuer of the Shib Dream NFT collection, carried out this massive burn.
Over the specified period, a total of 146,261,497 SHIB meme coins were transferred to unspendable wallets, with the 100-million chunk being the most substantial single transfer. These burns have significantly increased the daily SHIB burn rate, reaching a growth of 459.57%, as reported by the Shibburn website.
