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Trillions of SHIB on Move as Price Faces Big Rise, Here's Important Nuance

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Fri, 20/10/2023 - 13:30
Trillions of SHIB on Move as Price Faces Big Rise, Here's Important Nuance
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Prominent blockchain sleuth platform Whale Alert, which tracks down massive crypto transfers, has posted a tweet, sharing the details of an astounding SHIB lump. This crypto transfer shoveled $31,756,053 worth of Shiba Inu - 4,560,030,677,374 SHIB in total.

Whales swap $31 million in SHIB as price goes up

This transfer took place approximately 2.5 hours ago, according to the aforementioned source. This is not the only SHIB transfer that big that the crypto community has witnessed this week. On Oct. 16 and 18, similar transactions of more than 4.5 trillion Shiba Inu were also spotted, as anonymous whales have become more active and have been exchanging these mind-blowing chunks of Shiba Inu.

According to a recent report by IntoTheBlock on-chain analytics company, the largest SHIB holders currently are top-tier wallets (many of them belong to crypto exchanges), and they are holding more than 623 trillion Shiba Inu. There are a dozen of blockchain wallets that hold that many SHIB tokens. As opposed to that, around 47 wallets hold 14.22% of SHIB in circulation in total – they contain between 0.1% and 1% of the SHIB supply each.

Here's likely SHIB rise driver

The wallets that have been exchanging trillions of SHIB this week may belong to that group, and even one such a transfer has the potential to cause waves in the crypto market and impact the SHIB price.

Over the span of the last 24 hours, SHIB has shown an impressive price increase of 4.73% as it rose from the $0.00000669 level to $0.00000701. A small decline followed, taking SHIB down less than 1%.

As of this writing, the second largest canine cryptocurrency is changing hands at $0.00000694.

In its upward price movement, SHIB was likely following the leading global crypto, Bitcoin; since Thursday, it has risen by almost 6%, jumping from $28,224 to over $30,000 after the court released the chief executive of Ripple Brad Garlinghouse and Ripple's cofounder Chris Larsen of personal charges made against them by the SEC in December 2020. This also pushed the XRP price up by over 8%. At press time, BTC is trading at $29,893.

Besides, recently, Layer-2 blockchain Shibarium has reached a new milestone in total transaction count as it surpassed the 3,500,000 level.

Related
Massive XRP Chunks Moved to Top Exchanges as XRP Price Jumps

SHIB burns plummet

According to figures shared by the Shibburn explorer, despite the impressive rise of the SHIB price, within the last 24 hours, the SHIB burn rate went down by more than 50%. With this low burn rate, less than 40,000,000 Shiba Inu tokens have so far been sent to dead-end blockchain addresses.

The two biggest burn transfers carried 14,357,501 SHIB and 11,738,735 SHIB meme coins. As covered by U.Today, earlier this week, this important metric showed rises of 400%, 208% and over 111%.

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