Popular blockchain tracking service Whale Alert, which tracks down large crypto transactions, detected a massive SHIB chunk on the move slightly more than four hours ago.
The transaction carried nearly five trillion meme coins, which landed in a completely blank wallet. In the meantime, another whale has sold all of his SHIB and BONE tokens to acquire another trendy meme coin, PEPE.
Nearly five trillion SHIB on move
Per Whale Alert's post, a total of 4,712,881,590,632 SHIB were sent from one anonymous wallet to another. The receiving wallet had been completely blank before this transfer, so one may say that a new Shiba Inu whale has entered the crypto market.
Another option, judging by the tremendous size of the transfer, is that a crypto exchange was reshuffling its crypto holdings and moved a big chunk of meme crypto to a new wallet created just recently.
As reported by U.Today earlier, Santiment on-chain data company spotted an impressive rise in SHIB whales' activity over the past week. They have begun acquiring big amounts of SHIB as the price pulled back after a slight rise, thus providing conditions for discount purchases.
The price of SHIB shows a negative move after the just launched Shibarium Layer 2 blockchain faced multiple serious issues, with all the funds locked in the Shibarium-Ethereum bridge getting stuck and unavailable now.
Whale dumps SHIB and BONE for PEPE
Still, it looks like some whales are exiting SHIB and its other major tokens to bet on another trendy meme coin, PEPE. As reported by the @lookonchain service, which follows sells and buys of crypto whales, one of these large wallet owners has dumped all of their SHIB and BONE and bought a huge bag of PEPE — 1.07 trillion of it worth $1.28 million.
He had sold nearly 980,000 BONE for 787 ETH over the past three days. As soon as Shibarium froze and stopped minting new blocks, the whale transferred 143 billion SHIB (worth $1.32 million) to Binance to sell this meme coin stash.
A whale sold all $BONE and $SHIB, then bought 1.07T $PEPE ($1.28M)!— Lookonchain (@lookonchain) August 17, 2023
The whale sold all 979,469 $BONE for 787 $ETH($1.44M) at $1.47 in the past 3 days.
Then deposited all 143B $SHIB($1.32M) to #Binance after #Shibarium stopped producing blocks.https://t.co/XILSObi0UC pic.twitter.com/vwv6puUYwo
Hundreds of millions of SHIB burned
Despite issues faced by the SHIB team with Shibarium so far, the SHIB community has been quite active in burning Shiba Inu meme coins.
Over the past 24 hours, as reported by the Shibburn explorer, various entities and individuals have transferred 323,182,072 SHIB to dead-end wallets. Thus, they lifted the burn rate of the second largest meme coin by nearly 50%.
The three largest SHIB chunks burned since yesterday morning include ones that carried, 31 million, 30 million and 29 million SHIB.