Cryptocurrency tracking service Whale Alert has spotted an astounding chunk of Shiba Inu (SHIB) meme coins moved between two unknown wallets. The sum of SHIB in question surpasses a whopping 4.6 trillion coins.
Meanwhile, since Monday, SHIB has continued its decline, shedding another 4.70% of its price. Since Aug. 12, Saturday, the second largest meme coin has lost 28.64%, now trading at $0.00000799 on the Binance exchange.
The price drop was caused by the unsuccessful release of the Shibarium mainnet at the start of last week. However, the dev team led by the pseudonymous Shytoshi Kusama is doing its best to scale the Layer 2 solution at the moment and make it sustainable to large amounts of traffic.
4.6 trillion SHIB on move, new whale born
A total of 4,639,778,173,637 Shiba Inu was moved from one anonymous wallet address to another – the equivalent of $37,176,222.
The curious thing here is that both wallets are new. The sending one (-e372c93800) was created yesterday and only has a few transfers on its list. The receiving address (-e372c93800) has just been set up, and accepting this 4,639,778,173,637 SHIB is the only transaction registered on it so far.
This could be either a sale or a whale redistributing his cryptocurrency wealth. Another possible option is that, judging by the size of the transfer, this could be a crypto exchange moving part of its SHIB supply to a new internal address.
Last week, two SHIB transfers of a similar size were detected by Whale Alert, more than nine trillion SHIB transferred in total and one of the transactions was a withdrawal from the Bitvavo exchange.
Yesterday, another lump of 4.6 trillion SHIB was noticed by Whale Alert, thus making today's transaction the fourth consecutive one over the past week, carrying nearly five trillion SHIB.
Hundreds of millions of SHIB continue to go up in flames
According to the recent data provided by the Shibburn platform, within the last 24 hours, the joint efforts of various SHIB community members have led to the incineration of a whopping 1,029,103,167 Shiba Inu. This pushed the total burn rate up an astonishing 1,029.29%.
The two largest single lumps of SHIB burned as part of this action contained 418,719,732 SHIB and 331,507,457 SHIB. The former was burned by the project 0xShibarium AI, which is building on Shibarium; in a recent tweet, it confirmed that it had burned more than 400 million Shiba Inu.