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Trillions of SHIB Wired to Sell as Burn Rate Goes Down 95%

Wed, 14/12/2022 - 10:25
Trillions of SHIB Wired to Sell as Burn Rate Goes Down 95%
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As reported by Twitter user @shibaplay_, which represents a burn project driven by the SHIB community, over the past 20 hours, an eye-popping amount of these popular meme coins has been shoveled by large Ethereum wallets.

The largest single chunk of crypto totaled a whopping 1,926,012,699,342 SHIB equated to $17,623,016.

Whales redistribute 2.2+ trillion SHIB, sending some to exchanges

Data provided by Etherscan shows that more than 2.2 trillion Shiba Inu coins have been moved in quite a short period of time – five transactions overall. Two of them moved Shiba Inu to major crypto exchanges.

A total of 82,079,564,000 SHIB were transferred to the largest U.S.-based crypto trader Coinbase (a publicly traded company as of April 2021). Most likely, the goal of this transaction was selling on Coinbase. This is the equivalent of $751,028.

The second transfer took 81,606,470,665 SHIB worth around the same as above to the OKX digital exchange, according to Etherscan.

The largest stash of SHIB spotted by Etherscan here was the aforementioned 1.9 trillion – it was moved between two wallets with unregistered owners. Two transactions, each carrying 100,000,000,000 SHIB, also took crypto from one anonymous wallet to another.

SHIB Burn Rate Jumps 140% as This Major Driver for Buying Appears

Burn rate drops 95%

According to recent data published by major burn tracking platform Shibburn, which from time to time also does its own SHIB burning and runs several projects that help them do it, things with the overall SHIB burn rate have not been doing well in the past 24 hours.

Over that recent period of time, the joint efforts of the SHIB community have made it possible to burn only as little as 2,000,000 meme coins. This means that compared to the previous 24 hours, the burn rate is down more than 95%.

Image via Shibburn

Still, the SHIB price has been rising gradually. According to data provided by CoinMarketCap, the second most popular meme coin now is trading at $0.000009144 after a 4+ percent rise in the past 24 hours.


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