177 Million SHIB up in Flames as Shiba Inu Recovers After 40% Drop

According to data shared by blockchain tracking platform Shibburn, since yesterday morning, the Shiba Inu community has managed to dispose of over 177 million SHIB meme coins. It happened while the second major meme-inspired cryptocurrency, SHIB, collapsed by 40% and then staged a substantial recovery earlier today.

Meanwhile, in the wake of recent SHIB price trajectories, whale activity has increased drastically as trillions of SHIB have been moved by large holders.

177 million SHIB burned

Shibburn spreads the word about a significant amount of meme coins transferred to unspendable blockchain wallets within the past 24 hours. Overall, an impressive 177,011,055 million SHIB were sent to the “virtual furnace.”

More than half of this amount was destroyed in a single transaction when 100,500,000 SHIB was sent to a dead-end wallet. The second-largest transfer in this chain of burns contained 39,535,388 SHIB, with the third-biggest one carrying 10,000,000 SHIB. Those were three consecutive burns but conducted by three different wallets. These burn transactions have pushed the total daily burn rate of SHIB to 55.74% so far.

On the previous day, March 5, a slightly smaller amount of SHIB meme coins was transferred to dead blockchain wallets – 129,984,286 Shiba Inu. Overall, within the past week, the SHIB army did a good job of moving 464,815,936 SHIB meme coins to dead wallets, with the weekly burn rate rising by almost 60%.

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Close to two trillion SHIB on move

As reported by the popular tracking platform Whale Alert, which tracks down large cryptocurrency transfers and shares the details of them on Twitter/X, over the past 24 hours, three overwhelming transactions in SHIB have been made.

Two of them were initiated by Wintermute, a major algorithmic trading firm focused on cryptocurrency assets, to the Binance exchange - 167,809,919,988 SHIB worth $5,286,935 and 183,073,161,874 SHIB evaluated at $5,550,168. The third, and the largest transaction of all the three, was made between two anonymous digital wallets, and it carried a mind-blowing 1,450,254,597,018 SHIB.

In these three moves, 1,801,137,678,880 Shiba Inu were transferred in total, per the aforementioned blockchain data source.

All of this happened after SHIB collapsed by 40% and then regained as much as 48% in a staggering price movement.