- A staggering 4.6 trillion Shiba Inu coins, valued at over $37 million, shifted to an enigmatic new wallet.
- SHIB sees a significant dip in value after a shaky Shibarium mainnet launch, while the community accelerates its coin burning efforts.
The Rise of a New SHIB Whale
In a move that has caught the attention of cryptocurrency enthusiasts, a colossal 4.6 trillion Shiba Inu coins – the beloved meme crypto – was transferred from an anonymous wallet to another nascent one. This transfer, equivalent to a staggering $37,176,222, is particularly intriguing given the novelty of both wallets. The sender’s address was created just a day prior and has only a handful of transfers linked to it. On the other hand, the receiver’s address was even more recent, with this monumental transaction being its sole record.
This massive shift could be interpreted in various ways. It could signify a sale or perhaps a redistribution of wealth by a crypto magnate. Another plausible explanation, given the sheer size of the transaction, is that a cryptocurrency exchange is reallocating its SHIB reserves to a new internal address.
This speculation gains some traction when considering that just last week, Whale Alert highlighted two comparable SHIB transfers, collectively surpassing nine trillion. Notably, one of these transactions originated from the Bitvavo exchange. This week’s move marks the fourth such large-scale transaction observed in recent days, emphasizing the dynamic nature of the SHIB market.
While the origin and the motive behind the 4.6 trillion SHIB transfer remain speculative, what’s evident is the coin’s recent dip in value. Since August 12, SHIB has experienced a 28.64% decline, presently hovering at $0.00000799 on the Binance platform. This depreciation can be attributed to the rocky launch of the Shibarium mainnet last week. However, spearheaded by the pseudonymous Shytoshi Kusama, the development team is diligently working on enhancing the Layer 2 solution, aiming to accommodate a high traffic influx.
Community’s Burn Endeavors Ignite
Amidst these whale movements, the SHIB community remains unfazed and committed. Recent statistics from the Shibburn platform illuminate the community’s spirited effort in reducing the coin’s circulation. In just the past day, community members collectively incinerated over a billion Shiba Inu coins, surging the total burn rate by an impressive 1,029.29%. Two of the most significant individual burns encompassed 418,719,732 SHIB and 331,507,457 SHIB. A project titled 0xShibarium AI, actively developing on Shibarium, confirmed its role in the former burn, announcing the elimination of over 400 million Shiba Inu coins.
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More Burns and more to build on #Shibarium! This is getting interesting. Thanks to all projects building on #Shibarium and burning #Shib. @zeroxsai Let’s go!!! https://t.co/iSL9KPvh4q
— RagnarShib.eth (@RagnarShiba) August 21, 2023
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