Trillions of Shiba Inu tokens have been transferred to cryptocurrency trading platforms during a period when SHIB initially surged to its recent peak and then experienced a decline in value.
Popular cryptocurrency trader and analyst Ali Martinez has released data indicating that large holders, known as whales, have moved a significant amount of the popular meme coin SHIB to cryptocurrency trading platforms.
SHIB Supply Surge and Price Volatility
Between May 14 and May 29, the supply of Shiba Inu on cryptocurrency exchanges increased from around 144 trillion to over 147.5 trillion coins, according to data shared by analyst Ali Martinez. This surge represents a transfer of more than four trillion SHIB tokens to crypto exchanges, amounting to approximately $103 million.
Courtesy Ali Chart. Source: X
On May 29, Shiba Inu’s price soared to a peak of $0.000029, marking a 21% increase in just a few days. However, this price surge was followed by a 12.16% decline, likely triggered by the massive sell-off that ensued. As of the latest update, Shiba Inu, the second most popular meme-inspired cryptocurrency, is trading at $0.00002584.
The price correction unfolded in two phases: first, a drop of 8.8% was followed by an attempted rebound. Subsequently, a second price crash occurred, driving SHIB’s price down by 10.10%.
SHIB Community Burns Meme Coins in Anniversary Event
The Shibburn platform, which tracks Shiba Inu burn transactions, has reported a significant reduction in the circulating supply of SHIB tokens since yesterday. In a series of thirteen transactions, the SHIB community has successfully burned a total of 9,846,020 SHIB tokens, sending them to dead-end blockchain addresses.
The largest burn transfers included 2,915,754, 2,000,000, and 1,500,000 Shiba Inu meme coins in separate transactions, marking a concerted effort to reduce the overall supply in the market.
May 2024 commemorates the three-year anniversary of a significant SHIB burn event initiated by Ethereum co-founder Vitalik Buterin in 2021. At that time, Ryoshi, the mysterious founder of SHIB, had gifted half of the quadrillion SHIB supply to Vitalik. Buterin, skeptical about the coin’s future, decided to burn 410 trillion of the gifted coins. He donated the remaining 90 trillion to an India-based crypto charity, which aided in pandemic relief efforts in the country.
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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