According to a recent post by blockchain sleuth Whale Alert, in the last 24 hours, its robots have tracked down a large amount of Shiba Inu meme coins worth almost $40 million in fiat money.
According to a recent post by blockchain sleuth Whale Alert, in the last 24 hours, its robots have tracked down a large amount of Shiba Inu meme coins worth almost $40 million in fiat money.
Shiba Inu Price Experiences Massive Drop
The details provided by the aforementioned data source have revealed who is behind this huge SHIB transaction. Meanwhile, the second largest meme-inspired cryptocurrency, SHIB, continues to fall.
During the last 24 hours, there has lost approximately 7% of its price, and since the weekend, SHIB has seen a 13% drop, falling from $0.00000986 to the current level of $0.00000858.
Trillions of SHIB on the move
In a recent X/Twitter post, Whale Alert spread the word about a total of 4,276,568,835,013 SHIB meme coins exchanging hands as this huge SHIB lump moved between unknown blockchain addresses. The fiat equivalent of this is a mammoth-sized $37,950,271.
The transfer details provided by the aforementioned cryptocurrency tracker show that the transaction was initiated by one of the internal wallets of the Netherlands-based Bitvavo exchange and moved to a Bitvavo-linked wallet. The reason for this could be that the cryptocurrency trading platform is reorganizing its cryptocurrency balances.
Large SHIB movements have also been spotted recently as Tron founder Justin Sun bought an amount close to 80 billion SHIB on Binance and withdrew it to a cold wallet along with a bunch of other cryptocurrencies including LINK and FLOKI, a Shiba Inu. Rival meme coin.
Anonymous whale burns 100 million SHIB
An important member of the Shiba Inu team, their social media marketing leader, Lucie, took to the X/Twitter platform to reveal the name of the whale that burned a whopping 100,000,000 SHIB in the last 24 hours.
According to Shibburn data, the total amount of meme coins transferred to non-spendable wallets within this time period amounts to 146,261,497 SHIB. The 100 million portion was the largest and was brought here in a single transfer. According to Lucie’s tweet, all of those millions of SHIB were burned by the Twitter account @theshibdream, the issuer of the Shib Dream NFT collection.
Overall, the burning that has taken place since yesterday morning has driven SHIB’s daily burning rate to a growth of 459.57%, according to the Shibburn website.