Whale Alert, a well-known blockchain tracking tool that tracks down huge cryptocurrency transactions, discovered a massive SHIB chunk moving little more than four hours ago.
The wallet that received the approximately five trillion meme coins from the transaction was empty. Meanwhile, another whale traded all of his SHIB and BONE tokens in order to buy PEPE, a hot meme coin.
Nearly five trillion SHIB on move
A total of 4,712,881,590,632 SHIB were transferred between anonymous wallets, according to a report by Whale Alert. One may claim that a new Shiba Inu whale has entered the cryptocurrency market because the receiving wallet had been entirely empty before to this transfer.
Another possibility, in light of the enormous scale of the transfer, is that a cryptocurrency exchange was reorganising its cryptocurrency holdings and sent a substantial amount of meme cryptocurrency to a new wallet that had just been created.
Santiment on-chain analytics business discovered a huge increase in SHIB whale activity during the past week, as previously reported by U.Today. As the price dropped following a little increase, they started buying large quantities of SHIB, creating an opportunity for discounted purchases.
After the recently created Shibarium Layer 2 blockchain had several major challenges, including all the money locked in the Shibarium-Ethereum bridge becoming blocked and currently inaccessible, the price of SHIB has fallen.
Whale dumps SHIB and BONE for PEPE
However, it appears that some whales are selling SHIB and its other significant tokens to invest in PEPE, a hot joke coin. One of these large wallet owners has sold all of their SHIB and BONE and purchased a massive bag of PEPE, 1.07 trillion of it, valued at $1.28 million, according to the @lookonchain service, which tracks the sales and purchases of crypto whales.
Over the previous three days, he had sold almost 980,000 BONE for 787 ETH. The whale transferred 143 billion SHIB (equal to $1.32 million) to Binance as soon as Shibarium froze and ceased producing new blocks in order to sell this hoard of meme coins.
Hundreds of millions of SHIB burned
The SHIB community has been quite active in burning Shiba Inu meme currencies, notwithstanding the difficulties the SHIB team has had thus far with Shibarium.
According to the Shibburn explorer, several organisations and people have sent 323,182,072 SHIB to dead-end wallets within the last 24 hours. As a result, they roughly doubled the second-largest meme coin’s burn rate.
Since yesterday morning, the three biggest SHIB pieces that have burnt are ones that contained 31 million, 30 million, and 29 million SHIB.
