A significant volume of Shiba Inu meme coins were recently moved from the Amsterdam-based cryptocurrency exchange Bitvavo, according to a recent X post by the well-known cryptocurrency tracker Whale Alert.
Whales accumulating staggering amounts of SHIB
The aforementioned monitoring tool discovered that Bitvavo moved 4,584,530,677,374 SHIB in total to an unidentified blockchain address.
This might mean that despite SHIB’s recent drop to position 19 on CoinMarketCap, major investors are still seeing it as a potential investment. The value of this SHIB is $33,132,403.
The community expressed its amazement and surprise at the scale of this move in a number of comments written under that X post. Some people appear to believe that SHIB will experience a “big thing” shortly.
https://x.com/LuckyMaria10/status/1709875736063132145?s=20
Meanwhile, new fresh wallets have also been snatching up huge portions of Shiba Inu. Over the previous two weeks, newly created wallets have amassed more over 18 billion SHIB, according to @0xNerdBot on the X app.
In addition, the bot revealed that in the previous three weeks, one new whale had purchased and withdrew 292.53 billion SHIB worth $2.13 million on the Coinbase exchange.
SHIB burn rate up for second consecutive day
The SHIB army has made tremendous headway in burning SHIB coins during the last 24 hours. They have moved a total of 50,430,344 SHIB to dead wallets over the most recent time frame, more than doubling the SHIB burn rate.
This time, the largest SHIB burn included 10,162,798 SHIB, according to information from the Shibburn tracker.
https://x.com/shibburn/status/1709871094226735398?s=20
The SHIB burn rate has been in the green region for the second day in a row this week. According to U.Today, the SHIB army transferred 38,942,436 SHIB to non-spendable wallets on Wednesday. The burn rate increased by 107% as a result.
Shiba Inu aficionados often burn SHIB, eliminating it from circulation and reducing the available supply. Shibburn’s statistics indicates that as of right now, 410,660,607,224,065 SHIB have been burnt. When Vitalik Buterin, co-creator of Ethereum, got half of the original quadrillion SHIB supply from the enigmatic Shiba Inu founder Ryoshi in May 2021, he mostly pulled it from circulation.
The community anticipates burns to pick up speed now that the Layer-2 blockchain Shibarium has been released a few months ago as more and more applications (hundreds of them, according to chief developer Shytoshi Kusama) start to build on and use it. Since developers set aside a percentage of the gas costs paid in BONE tokens to be converted into SHIB and burnt later, every transaction on this blockchain enables SHIB burning.
