The Shiba Inu (SHIB) token has surged in price recently, alongside several massive transfers involving billions of SHIB tokens.
According to Whale Alert, an anonymous wallet moved a huge 3 trillion SHIB tokens, worth approximately $75 million, to the well-known investment platform Robinhood on May 16th.
Increased Whale Activity in SHIB Transfers
Recent days have witnessed heightened activity among Shiba Inu (SHIB) whales, or large holders. On May 15th, cryptocurrency trading firm Cumberland transferred 144 billion SHIB tokens, valued at about $3.3 million, to the prominent US exchange Coinbase. Around the same time, another transaction saw 50.36 billion SHIB tokens deposited on OKX, a global cryptocurrency exchange.
Before the significant transfer of 3 trillion SHIB tokens to Robinhood, more than 1.5 trillion SHIB tokens were moved in a single day. These transfers ranged from 42.6 billion to 397 billion SHIB tokens and took place across major exchanges like Binance, Coinbase, and Gate.io.
Additionally, during this period, an anonymous wallet also deposited 200 billion DOGE tokens, another popular meme coin, into Robinhood.
SHIB Transfers, Price Movement, and Burn Activity
The recent surge in SHIB transfers coincided with a bullish price movement for the token. Initially, SHIB saw a significant increase of 12.26% within 24 hours, although the pace has since slowed. As of the latest update, SHIB is trading at $0.00002452.
Initially, positive news came from the Shibburn tracker, indicating a substantial burn rate with nearly 10 million SHIB tokens burned in 24 hours. This action boosted the SHIB burn metric by 306.7%. However, recent trends show a decrease in burn rate, with only 2.9 million SHIB burned in the last 24 hours.
The burning process involves permanently removing tokens from circulation, potentially enhancing the value of the remaining tokens over time. This milestone involved over 20 individual transactions sending SHIB to unspendable blockchain wallets. The largest burn transactions included 1,447,938 SHIB, 1,359,610 SHIB, and 1,000,000 SHIB.
Combining the recent large SHIB transfers, price uptick, and fluctuating burn activity, there appears to be heightened interest and potential volatility surrounding Shiba Inu (SHIB).
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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