Meme-based cryptocurrency Shiba Inu (CRYPTO: SHIB) has witnessed a massive withdrawal of 8 trillion tokens from exchanges since November.
What Happened: The self-proclaimed ‘Dogecoin (CRYPTO: DOGE) Killer' has seen a major spike in whale activity, according to IntoTheBlock data, as first reported by U.Today.
The 8 trillion tokens that have been moved out of known exchanges since November are worth $88 million.
While both retail and large-scale investors have been undertaking major transactions, the volume of large transactions has shown a much bigger spike.
According to the IntoTheBlock data shared by U.Today, while transactions between $0.00 and $1.00 grew by 25.71% over the past 30 days, transactions above $1 million witnessed a 150% increase.
The largest transaction in this period amounted to $158.1 million, totaling 15.34 trillion Shiba Inu tokens.
Amongst the whales who have been accumulating Shiba Inu is Justin Sun, founder of Tron (CRYPTO: TRON).
There was another major transaction, likely by a single investor, showing a purchase of 850 billion SHIB. This is worth $7.5 million.
Why It Matters: Further, the SHIB burn rate has also been skyrocketing – the token witnessed a massive burn of over 17 billion tokens this week alone.
This significant increase in the burn rate for the ‘Dogecoin killer' comes at a time when Shiba Inu announced a partnership with domain company D3 Global, aimed at acquiring the .shib domain.
Price Action: At the time of writing, SHIB was trading at $0.00001089, down 1.98% in the last 24 hours, according to Benzinga Pro.
Image via CryptoFX on Shutterstock
[Dec. 26, 2023, 3:26 a.m. ET] Editor’s Note: This article has been updated to incorporate a reference to U.Today and to eliminate certain subjective remarks. We deeply regret the error.
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