6 Trillion Shiba Inu (SHIB) Recently Moved by Mysterious Whales, What’s Happening?

According to crypto data tracker WhaleAlert, over six trillion SHIB tokens worth an estimated $65 million have been moved between whale wallets in three lump sums.

The three transactions, which occurred at intervals of minutes from each other, were reported by Whale Alert more than four hours ago.

🚨 1,920,298,469,247 #SHIB (20,514,548 USD) transferred from unknown wallet to unknown wallethttps://t.co/gA4AASFKrz

— Whale Alert (@whale_alert) April 3, 2023

The first is 1,920,298.469,247 SHIB worth $20,514,548, and the second is 2,247,355,246,569 SHIB valued at $24,008,496. The last is that of 1,920,298.469,247 SHIB worth $20,514,548.

The reason for the move remains unknown and might be wallet reshuffling by whales or exchanges.

On April 1, Shiba Inu saw the largest spike in daily active SHIB addresses in more than a year as over 35,788 unique addresses interacted on the network. The Shibarium public beta testnet, or Puppynet, which recently handled over one million transactions and had over 200,000 interacting wallet addresses, may have contributed to this.

At the time of writing, SHIB was trading down 3.22% in the last 24 hours to $0.00001083, in line with current market declines. A total of 20,652,906,776,141 SHIB worth $223,618,396 has been traded in the last 24 hours, according to CoinMarketCap.

SHIB burn makes important update

Shibburn, a Shiba Inu burn initiative, provides a new update on its Twitter account. It mentions changes in the amount of SHIB’s total supply on its website.

It also provides an update on the numbers; for example, in March, it reported 6,782,788,547 tokens burned, and with 326,548,824 sent to the SHIB contract, this would be a total of 7,109,337,371 SHIB burned.

So far this year, 1,002,593,057 tokens have been sent to the SHIB contract, it says. The SHIB burner also teases upcoming Web3 projects such as a marketplace, wallet and a few others powered by the Shib token.