Shiba Inu (SHIB) Faces 7% Price Dip Amidst Trillion-Token Transfer and Anonymous Whale’s 100 Million SHIB Burn

Posted on by Joadin Maina
Estimated read time 2 min read
  • Shiba Inu (SHIB) has experienced a significant 7% price decline over the past 24 hours and a total slump of 13% since the weekend.
  • Whale Alert reports a massive transfer of 4,276,568,835,013 SHIB tokens, equivalent to $37,950,271, from one of Bitvavo exchange’s internal wallets to another wallet linked to Bitvavo.

In the volatile world of cryptocurrencies, Shiba Inu (SHIB) is once again in the limelight, but this time, for a significant downturn in its price. Over the last 24 hours, SHIB witnessed a 7% decrease, plunging further by 13% since the weekend, bringing its value from $0.00000986 to the current level of $0.00000858.

Adding to the complexity of the situation, Whale Alert, a prominent blockchain tracker, recently reported an extraordinary transfer of Shiba Inu meme coins. A whopping 4,276,568,835,013 SHIB tokens changed hands, amounting to a staggering $37,950,271. The transfer originated from one of Bitvavo exchange’s internal wallets, finding its way to another wallet linked to Bitvavo. Such massive movements in SHIB often indicate cryptocurrency platforms reorganizing their digital asset holdings.

Anonymous Whale Burns 100 Million SHIB

Intriguingly, Lucie, a key member of the Shiba Inu team, revealed the identity of the individual responsible for burning 100 million SHIB tokens within the past 24 hours. In total, 146,261,497 SHIB tokens were sent to unspendable wallets during this period, with the 100 million SHIB chunk standing out as the most substantial single transfer. The @theshibdream Twitter account, the issuer of the Shib Dream NFT collection, orchestrated this significant burn. Consequently, the daily SHIB burn rate soared by an impressive 459.57%, according to the Shibburn website.

In summary, the cryptocurrency community is buzzing with the movement of trillions of SHIB tokens in a mysterious transaction. Simultaneously, Shiba Inu’s price faces a significant decline, and an anonymous whale has burnt a substantial amount of SHIB tokens, adding complexity and intrigue to the dynamics of this meme-inspired cryptocurrency.

 

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Joadin Maina

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