Data provided by two popular wallet trackers shows that, over the weekend, two massive chunks of Shiba Inu were transferred. One of them was marked as a purchase made by a SHIB whale who is one of the 200 largest whales on the Ethereum chain.
Whale grabs astounding SHIB chunk
According to a recent tweet by WhaleStats, a whale called Boromir, after a major character in iconic fantasy novel by Tolkien "Lord of the Rings," made an acquisition of 120,000,000,000 Shiba Inu meme tokens. This was worth $1,450,800 at the time of the purchase made nearly 17 hours ago.
Now, "Boromir" holds the same amount of SHIB he bought earlier, but it slightly sank in USD equivalent along with the token's price over the past 24 hours, to $1,441,128.
This is the only major purchase of SHIB registered by WhaleStats in a long while.
🐳 ETH whale "Boromir" just bought 120,000,000,000 $shib ($1,450,800 USD).— WhaleStats (tracking crypto whales) (@WhaleStats) January 29, 2023
Ranked #168 on WhaleStats: https://t.co/2koVEMo4NB
Transaction: https://t.co/gvMHMpnkXF#SHIB #ShibArmy
As of this writing, according to the wallet tracker, the second largest dog-themed cryptocurrency by market cap value holds the position of the most-traded token and the largest crypto asset by USD value among the 100 largest wallets on the Ethereum chain.
Currently, the total amount of SHIB held by these whales constitutes $568,547,643 worth of this meme token. This is 15.82% of their comprised crypto portfolio.
3.2 trillion SHIB moved by anon wallets
Major tracker of large cryptocurrency transfers Whale Alert has reported that, on Jan. 28, Saturday, a staggering amount of meme coins was shifted from one unknown wallet to another. That amount exceeded 3.2 trillion SHIB.
🚨 🚨 3,272,307,240,798 #SHIB (38,870,101 USD) transferred from unknown wallet to unknown wallethttps://t.co/KQyTOWXu1X— Whale Alert (@whale_alert) January 28, 2023
This SHIB lump cost $38,870,101 in fiat currency. Such massive crypto transfers could be either a sign of an internal coin shift by an exchange, a purchase or whales redistributing their crypto between old and new wallets. No data from Whale Alert shows that this transaction was made by a crypto exchange.
SHIB burn rate spikes after weekend
As reported by U.Today, over the past 24 hours, the burn rate of the Shiba Inu token soared by over 500% after a poor performance shown over the weekend. A total of 22,175,307 million SHIB was sent to dead-end wallets, where SHIB gets locked up for good and, thus, is removed from the circulating supply permanently.
Half of that amount, 11.8 million SHIB, was removed by "Shib Super Store," a platform that uses the Amazon affiliate program to burn Shiba Inu, using commission fees obtained from sales.
It is possible that the SHIB price is preparing for a breakout should buying pressure on the token increase. At the time of this writing, the asset is changing hands at $0.00001166, however, dropping by nearly 3% in the last 24 hours.