Cryptocurrency

Whale Moves Massive Shiba Inu Tokens As Burn Rate Accelerates – Crypto News

Published

2 years ago

October 31, 2023

Dripp

According to recent market data by the crypto tracking platform Whale Alert, a remarkable and eye-catching transfer of the Shiba Inu (SHIB) meme coin caught the attention of the market participants. As of today, a whopping 4.47 trillion SHIB coins were transferred from an unknown sender to Bitvavo, one of the Netherlands’ largest cryptocurrency exchanges. Subsequently, the Shiba Inu prices kept fluctuating, showcasing marginal drops in its price.

In addition, another unknown wallet (0xA68A40f4fAE4882b187BC5ef6804b0b8fC0FC090) transferred nearly 4.5 trillion SHIB to another unknown wallet (0xaeb6B702914717c2C82AE8d1011334fAbB2d09Ba) as of yesterday, October 30.

Mega Whale Relocates 4.4 Trillion Shib Tokens

As per the most recent Whale Alert report, a colossal 4.47 trillion SHIB coins, worth over $35.35 million, were recently moved to the Bitvavo exchange from an undisclosed wallet. This substantial transfer has piqued the interest of investors, particularly within the Shiba Inu community, as demonstrated by the recent crypto gains.

Interestingly, the sender of the latest 4.47 trillion SHIB tokens to Bitvavo received a whopping amount of 4.49 trillion SHIB tokens, $36 million during the transfer, from an unknown wallet on October 30.

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Shiba Community Revolutionizing SHIB Tokenomics

The recent transaction has sparked market speculations, with theories spanning from a possible sale to a major player reshuffling their crypto assets. Alternatively, given the substantial volume of the transfer, it’s conceivable that the crypto exchange is transferring a segment of its SHIB holdings to an internal address. Nevertheless, the actual purpose behind this transfer continues to be a topic of fascination and discourse among the crypto community.

This token incineration portrays an intentional reduction in the supply of Shiba Inu tokens. Such deliberate burning of tokens is often deemed as a strategy to increase scarcity and potentially bolster the value of the remaining tokens in circulation.

Such actions are closely watched by the Shiba Inu community and have the potential to influence market sentiment as they aim to transform the dynamics revolving around the Shiba Inu ecosystem.

However, during writing, the Shiba Inu price declined 0.74% to $0.000007975, while its volume over the past 24 hours rose 4.12% to $125.18 million. In contrast, the meme coin’s price surged more than 5% over the last seven days.

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