4 Trillion SHIB Hit Exchanges in Past 2 Weeks, Triggering SHIB Price Crash

Popular cryptocurrency trader and analyst Ali Martinez has published data that shows that whales have transferred an astonishing amount of popular meme coin SHIB to crypto trading platforms.

Whales move trillions of SHIB to sell

According to the chart shared by the analyst, between May 14 and May 29, the overall supply of Shiba Inu on cryptocurrency exchanges increased from approximately 144 trillion to more than 147.5 trillion coins.

This means that more than four trillion SHIB were transacted to crypto exchanges. This is the equivalent of roughly $103 million.

May 29 was the day when the Shiba Inu price skyrocketed to the $0.000029 peak – a surge of 21% within just a few days. This price spike was followed by a 12.16% decrease after that likely caused by the massive sell. At the time of this writing, the second most popular meme-inspired cryptocurrency, SHIB, is changing hands at $0.00002584.

This price pullback came in two declines. The first one took SHIB down by 8.8% with a further attempt to rebound. Then, however, the second price crash happened, which pushed the SHIB price 10.10% down.

SHIB burns soar 347%, millions of coins scorched

Shibburn platform that tracks Shiba Inu burn transactions has revealed that since yesterday morning, the SHIB community has managed to remove a large number of meme coins from overall circulation on the market.

In total, 9,846,020 SHIB have been driven to dead-end blockchain addresses in 13 transactions. The three largest burn transfers carried 2,915,754; 2,000,000 and 1,500,000 Shiba Inu meme coins.

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Three years since Vitalik Buterin burned 410 trillion SHIB

May of 2024 marks the three-year anniversary of a significant SHIB burn conducted by Ethereum cofounder and frontman Vitalik Buterin in 2021. Back then, less than a year after the initial release of SHIB to the market, the meme coin’s mysterious founder, Ryoshi, gifted half of the quadrillion SHIB supply to Vitalik.

What Buterin did then surprised the SHIB community; since he did not believe in the coin’s future, he burned most of the gifted coins – 410 trillion of them. He sent the remaining 90 trillion to an India-based crypto charity that helped to fight the consequences of the pandemic in the vastly populated country.