Whales buying billions of SHIB on the dip
These transactions likely represent purchases or redistribution of crypto. However, one-third of these 33.4 billion was moved from the Binance exchange, according to Etherscan.
The two largest transactions here carried a similar amount of 11,205,456,164. The second biggest in size was a transfer of more than 7 billion Shiba Inu. The other three moved 1.2 billion SHIB each.
At the moment, the second most popular meme coin SHIB is trading at a discount, one may say, having recently “added” another zero to its price - $0.000009848 per coin. The drop over the past 24 hours constitutes a marginal 1.16%, according to the data shared by CoinMarketCap. Thus, the whales seemed in a rush to acquire the SHIB while it is trading below its usual price.
Still, per the same data source, over the past week, the coin’s price is down by 6.90 percent.
2.2 billion SHIB gone within 24 hours
As covered by U.Today earlier, within the last 24 hours, the SHIB community burned a whopping 2,254,093,318 of these meme coins.
Nearly all of that massive amount – 2,005,265,274 was burned (i.e. removed from the circulating supply) in a single transaction by an anonymous wallet, according to the Shibburn crypto tracker.
This massive SHIB burn pushed the burn rate by nearly 31,000% up.