- Shiba Inu community collectively burns 39M $SHIB tokens in 24 hours.
- Huge crypto whale shuffles nearly $32 million SHIB between wallets.
- SHIB’s on-chain concentration metric points to rising whale inflows.
The official Shiba Inu burn tracker reports a sudden 209% upsurge in the daily burns of the popular canine token. According to the burning records, one massive transaction sent a whopping 27,448,699 to the infernal flames, totaling the daily burn count to 39M.
However, the progress in SHIB burns is yet to present itself on the price movement charts. At press time, SHIB is changing hands at $0.00000688, according to CoinGecko. This marks a reversal from the slight gains SHIB recorded between October 14th – 16th, 2023, as the dog-embossed crypto slid below the confluent resistance barrier of $0.000007.
ETH Whales Splash Out on SHIB
Meanwhile, the heftiest crypto whales on Ethereum took the sloppy SHIB price movement as a buying opportunity. To illustrate, one sleepy crypto whale moved 4.575 trillion Shiba Inu tokens between a few unidentified crypto wallets.
The whale behavior tracking system Whale Alert spotted the maneuver and was cheered on X, as rising whale activity often marks the beginning of a bullish crossover. This usually serves as a whale accumulation trait, even though the real-time on-chain concentration signal remains neutral.
However, the dynamic whale activity is evident in other key figures – crypto whale inflows have skyrocketed by 1201% since last week, while outflows have slowed by 28.62% during the same period, highlighting the increased whale confidence in the popular memecoin.
On the Flipside
- According to the on-chain data provided by IntoTheBlock, the 12 largest crypto whales on the Ethereum network collectively hold a staggering 63.48% of the circulating SHIB supply.
Why This Matters
Colossal crypto whale transactions tend to have ripple effects on cryptocurrencies.
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