Whale Moves 4 Trillion Shiba Inu Amid Increasing Burn Rate

On September 23, a substantial and attention-grabbing transfer of Shiba Inu (SHIB) meme coin was observed by the cryptocurrency tracking platform, Whale Alert. An astonishing of over 4 trillion SHIB coins were moved from a cryptocurrency exchange to an undisclosed wallet in this notable transaction. Notably, the SHIB price has shown stability in the aftermath of this development, indicating that it has lifted the investors’ sentiment.

Whale Shifts 4 Trillion SHIB

According to the latest report by Whale Alert, around 4.6 trillion SHIB coins, worth $33.38 million, have been transferred from the Bitvavo exchange to an unknown wallet. The hefty transfer seems to have caught the eyes of the investors, especially the Shiba Inu community, as evident by the recent gains in crypto despite a slump in the broader market.

Notably, according to Etherscan, the wallet (0xfd557a929CC7c11111e655348774f8a790D3eA5F) in which the SHIB coins were transferred, has only one token in its holdings. It currently holds 4,595,530,677,374.45 SHIB coins, the exact amount that was transferred earlier today.

The recent transaction has ignited market speculations, with theories ranging from a potential sale to a whale redistributing their cryptocurrency holdings. Alternatively, considering the transfer’s substantial size, it’s plausible that the crypto exchange itself is relocating a portion of its SHIB holdings to an internal address.

Meanwhile, the true nature of the transfer remains a subject of intrigue and discussion within the crypto community.

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Shiba Inu Burn Rate

Over the last 24 hours, an impressive 247,753,783 SHIB tokens have been incinerated through a dozen transactions, according to data provided by the Shibburn platform. This surge elevated the overall burn rate by 35.88% from yesterday.

Meanwhile, the two most substantial portions of SHIB burned in this transaction comprised 191,531,588 and 15,774,071, respectively. Notably, a total of about 410.66 trillion Shiba Inu were burnt from its initial supply as of writing.

Meanwhile, the Shiba Inu price was trading at $0.000007356 as of writing on Saturday, September 23, noting a surge of 0.80% in the last 24 hours. On the other hand, its volume from yesterday witnessed a decline of 20.74% to $69.23 million at the same time.

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