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Prominent blockchain sleuth Whale Alert, which tracks down large cryptocurrency transfers, has spread the word about almost two trillion Shiba Inu meme coins leaving Robinhood for an unknown wallet.
Two staggering SHIB chunks were grabbed on the popular investment platform and withdrawn approximately eight hours ago. In the meantime, SHIB is eyeing a bullish breakout, according to a popular analyst. In the meantime, almost two billion SHIB were burned in April - mostly by mistake.
1.75 trillion SHIB purchased as coin eyes breakout
The aforementioned source shared that over the past eight hours, mysterious wallet -4D935 has scooped up two enormous chunks containing 875,000,000,000 SHIB each. That is 1.75 trillion SHIB meme coins in total evaluated at $39.2 billion at the time the transactions were made.
In the meantime, popular cryptocurrency trader and analyst Ali Martinez tweeted on Wednesday that he has spotted the second largest meme coin, SHIB, forming a bull flag on the daily trading chart.
He predicts that SHIB is aiming to make a major bullish breakout to the $0.000072323 level and is placing a few buy orders around $0.000018343 price mark.
Over the last 24 hours, SHIB has attempted to surge by more than 9%, reaching $0.00002314. However, a decline that followed took it back to $0.000002182 - that is, down 5.68%.
1.6 billion SHIB scorched in past month, here's nuance
According to a recent tweet published by the Shibburn explorer, in April, the Shiba Inu community did an impressive job of reducing the total circulating SHIB supply as it burned a whopping 1,695,717,536 SHIB.
That achievement was made thanks to 204 transactions that locked all those meme coins in unspendable blockchain wallets. However, Shibburn clarified that all these burns were not quite the usual ones. All of these tokens were lost forever due to investors sending them to the contract address by mistake.
These people have lost their investment, Shibburn emphasized in the tweet, urging the cryptocurrency community to be watchful and double-check the destination wallets before transacting.
As for fresh daily burns, within the last 24 hours, the SHIB army has been unable to hold the SHIB burn rate in the green (-11.80%), with 2,027,495 meme coins destroyed.
Arman Shirinyan
Alex Dovbnya
