Trillions of Shiba Inu (SHIB) Moved From Binance US, Here's What's Happening
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Popular blockchain tracking service Whale Alert, which tracks large crypto transactions, has detected a massive amount of Shiba Inu meme coins moved from the Binance.US exchange. This transaction is worth no less than $18,771,570 USD.
In the meantime, SHIB keeps losing positions on the market and has been pushed back to 20th place by market cap, despite the upcoming launch of its Layer 2 blockchain, Shibarium.
2.4 trillion SHIB sent from Binance.US
Per data shared by Whale Alert, a total of 2,416,836,656,676 SHIB was transferred from the crypto exchange in a single transaction 11 hours ago.
🚨 2,416,836,656,676 #SHIB (18,771,570 USD) transferred from #BinanceUS to unknown wallethttps://t.co/8ujqIZ5C5i
— Whale Alert (@whale_alert) July 19, 2023
Whale Alert shows that these trillions of SHIB were transferred to an anonymous wallet. However, details provided by Arkham Intelligence show that this address belongs to Binance.US. This platform shows multiple transfers of SHIB between the internal wallets of this leading crypto exchange.
Still, the aforementioned transaction that carried 2.4 trillion SHIB was not mentioned by Arkham, just showing thousands and millions of Shiba Inu moved by the Binance.US exchange internally.
SHIB burn rate plunges
The Shibburn explorer demonstrates that the efforts of the SHIB army to reduce the circulating supply have been diminishing. Over the span of the past 24 hours, these efforts have helped to burn 84,946,889 SHIB.
In terms of percentage, this is 22.16% less than what was destroyed on Wednesday, when the SHIB army managed to set more than 100 million Shiba Inu tokens on fire.
As reported by U.Today, on Wednesday, a dormant SHIB whale had awakened and transferred a chunk of more than 77.5 million SHIB to a dead wallet. The sending address had remained inactive for roughly 2.2 years, according to the data provided by Etherscan.
Overnight, the largest single amount of Shiba Inu burned by SHIB enthusiasts and whales totaled 33,006,524 SHIB meme coins. Overall, there have so far been 20 transactions that have burned the aforementioned 85 million Shiba Inu.
Yuri MolchanSHIB price performance
After losing nearly 8% over the weekend, the second biggest meme coin Shiba Inu has been trading in a range, unable to surpass the $0.00000784 resistance and staying above the $0.00000765 support line.
As reported by U.Today, earlier this week, the Shibarium testnet known as Puppynet surpassed a milestone of 30 million transactions, while the number of linked wallets has not been growing recently, sticking to the 17 million mark.
Related articles
Vladislav Sopov
Dan Burgin
Alex Dovbnya