Trillions of SHIB Moved From This Top Exchange, Here’s Community’s Reaction

According to a recent X post published by the popular crypto tracker Whale Alert, approximately two hours ago it registered a massive amount of Shiba Inu meme coins transferred from the cryptocurrency exchange Bitvavo based in Amsterdam.

Whales accumulating staggering amounts of SHIB

The above-mentioned tracking service noticed that a total of 4,584,530,677,374 SHIB was transferred from Bitvavo to an anonymous blockchain address.

This may signify that although SHIB was pushed back to 19th place on CoinMarketCap recently, large investors are still interested in this meme coin as an investment tool. This amount of SHIB is worth $33,132,403.

The community posted multiple comments under that X post, showing their shock and surprise at the size of this transfer. Some seem to be expecting a “big thing” to happen to SHIB soon.

In the meantime, recently fresh wallets have also been grabbing large chunks of Shiba Inu. According to @0xNerdBot on the X app, over the past two weeks, newly established wallets have acquired more than 18 billion SHIB.

Aside from that, the bot reported that one fresh whale had bought and withdrawn 292.53 billion SHIB worth $2.13 million from the Coinbase exchange in the past three weeks.

SHIB burn rate up for second consecutive day

Over the past 24 hours, the SHIB army has managed to achieve significant progress in burning SHIB coins. During this recent period, they have transferred a total of 50,430,344 SHIB to dead wallets, thus raising the SHIB burn rate by more than 50%.

The biggest chunk of SHIB burned this time carried 10,162,798 SHIB, according to details provided by the Shibburn tracker.

This is the second consecutive day this week that the SHIB burn rate has been in the green zone. As reported by U.Today, on Wednesday, the SHIB army shifted 38,942,436 SHIB to unspendable wallets. That marked a 107% rise of the burn rate.

Constant SHIB burns conducted by Shiba Inu enthusiasts keep removing SHIB and shrinking the circulating supply. By now, according to data provided by Shibburn, 410,660,607,224,065 SHIB have been burned. Most of it was removed from circulation by Ethereum cofounder Vitalik Buterin in May 2021, when he received half of the initial quadrillion SHIB supply from the mysterious Shiba Inu founder Ryoshi.

Now that the Layer-2 blockchain Shibarium was launched a couple of months ago, the community expects burns to accelerate as more and more projects (hundreds of them, according to lead developer Shytoshi Kusama) are beginning to build on Shibarium and utilize it. Every transaction on this blockchain supports SHIB burns since a portion of the gas fees paid in BONE tokens is set aside by developers to be converted into SHIB and burned later on.