Shiba Inu Whale Removes 572 Billion Tokens Worth $5 Million: Market Implications
The Shiba Inu (SHIB) market is buzzing with activity as whale movements continue to dominate headlines. Recently, a significant Shiba Inu whale removed 572 billion tokens, estimated to be worth $5 million, triggering widespread discussion and speculation within the crypto community.
Recent Whale Activity and Its Impact
Shiba Inu (SHIB) whale activity spiked dramatically in the last 24 hours, with 2.83 trillion tokens flowing out. The shift in behavior highlights growing caution among major holders. This follows other significant movements, including:
- Large Transfers from Exchanges: A significant whale moved over 1.6 trillion Shiba Inu coin (SHIB) tokens worth about $39 million from Crypto.com to private wallets, reigniting conversations around the much-talked-about market dynamics.
- New Wallets Entering the Fray: Crypto analytics firm Lookonchain flagged a huge sale activity. A newly created wallet 0xB768 withdrew 144.29 billion SHIB from Coinbase, worth approximately $2.4 million. This wallet had never been used before, which often signals a strategic move.
- Overall Selling Pressure: In the last 24 hours, whales have offloaded huge SHIB tokens, pushing the asset further into the red zone.
The Role of ShibBurn and Token Burning
Despite the selling pressure from some whales, the community continues its efforts to reduce the circulating supply of SHIB through token burning. ShibBurn data shows that the daily Shiba Inu burn rate soared by 3,145% on Monday as 18.83 million tokens were moved into an inaccessible address. This burn means a further reduction in the total supply, potentially impacting the coin's value in the long run.
What Does This Mean for Shiba Inu?
The combination of significant whale activity and increased token burning creates a complex landscape for Shiba Inu. While large sell-offs can put downward pressure on the price, the reduction in supply through burning aims to counteract this and potentially drive value upwards. Monitoring whale movements, ShibBurn data, and overall market sentiment remains crucial for anyone invested in or considering investing in Shiba Inu.