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Data provided by public tracking service Shibburn has revealed that over the past day, the SHIB burn index has crashed by more than 23%, while the entire cryptocurrency market is down in the red zone.
Still, there is a big silver lining in this cloud that the SHIB burn metric has entered.
SHIB burns plunge, but here's good thing
According to the above-mentioned data source, the daily SHIB burn metric has plummeted by 23.40% by now. Still, a substantial amount of meme coins has been transferred out of circulation and into dead-end blockchain wallets: 13,856,089 SHIB.
Three largest meme coin lumps that were sent to unspendable wallets over the past day constitute 10,741,310; 1,115,384 and 1,159,644 SHIB.
Over the past two days, the largest cryptocurrency, Bitcoin, has declined by almost 2%, losing the $107,000 zone and dropping to the $104,850 level. The rest of the crypto market followed BTC, experiencing losses as prices went down sharply.
Massive 2.8 trillion SHIB hit Coinbase
Earlier today, prominent crypto tracker Whale Alert spotted a jaw-dropping Shiba Inu transaction, which targeted the institutional branch of the largest cryptocurrency exchange in the U.S. — Coinbase Institutional. A total of 2,869,483,918,550 SHIB were transferred to that trading venue from an anonymous wallet.
Frequently, as additional data shows, such transfers are initiated by exchanges themselves as they reshuffled their crypto holdings. However, this time, Coinbase was just the receiving party, and the sender was indeed an anonymous whale. This amount of SHIB was worth $36,603,136 at the time of the transfer.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team