Shiba Inu Whale Moves $34M SHIB Tokens Amid Rising Burn Rates

Shiba Inu (SHIB) whale transfers caught the eyes of crypto enthusiasts on November 3, 2023. As per the data, Bitvavo, a Netherlands-based digital asset exchange, recently transferred 4.45 Trillion SHIBA tokens to an unknown wallet today.

Subsequently, amidst the constant burning and reallocation of Shiba Inu tokens over the past few days, the SHIB price kept fluctuating, showcasing a marginal drop in its price as of today.

Shiba Inu Transfers As SHIB Community Burning Tokens

The transaction details provided by the crypto tracking platform Whale Alert reveal that Bitvavo, a cryptocurrency exchange, recently transferred over 4.45trillion SHIB amounting to over $34.31 to an unknown wallet, 0x8d14cc60…6e5c7e24dc. This substantial transfer has piqued the interest of investors, particularly within the Shiba Inu community, as demonstrated by the recent crypto price fluctuations.

Earlier today, the Shiba community announced that over 115,824,508 SHIB tokens have been burned over the past twenty-four hours with only ten transactions. In a recent series of transactions, the Shiba community has burnt massive amounts of SHIB tokens over the past few days to improve the SHIB tokenomics.

In addition, the overall burn rate of SHIB tokens witnessed a substantial increase of 383.39% to 101.61 million SHIB tokens over the last 24 hours.

Also read: Cardano (ADA) Defies Broader Market Correction Amid Whale Transactions, What’s Next?

Shiba Community Advancing the SHIB Tokenomics Revolution

The recent series of transactions revolving around SHIB whale movements and the Shiba community burning tokens has stirred up market speculations, with crypto enthusiasts predicting a possible sale or a major crypto player reshuffling crypto assets. On the other hand, given the substantial volume of SHIB tokens burning, it’s conceivable that the Shiba community is bolstering up its token and building up support for it.

The recent transfer of trillions of SHIB tokens from Bitvavo to an unknown wallet appears to come in alignment with the community’s goal of creating scarcity for the token.

However, the Shiba price is witnessing constant price fluctuations as a result of the ongoing whale movements and burning of SHIB tokens. The current Shiba Inu price witnessed a marginal downfall of 3.24% over the past twenty-four hours, reaching $0.000007767 as of today.

Also read: Sequoia Capital Partner Alfred Lin Reacts to SBF Fraud Conviction

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