The Shiba Inu (SHIB) token has seen a significant price increase in recent days, coinciding with a series of large transfers involving billions of SHIB tokens. According to blockchain tracker Whale Alert, an anonymous wallet transferred a staggering 3 trillion SHIB tokens, valued at roughly $75 million, to popular investment platform Robinhood on May 16th.
SHIB Whales on the Move
This substantial transfer follows a pattern of increased activity among SHIB whales, or large holders, this week. On May 15th, major cryptocurrency trading firm Cumberland sent 144 billion SHIB tokens, worth approximately $3.3 million, to leading US exchange Coinbase. Another transaction earlier that week saw 50.36 billion SHIB deposited on OKX, a global cryptocurrency exchange.
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Before the 3 trillion SHIB mentioned above was transferred, Times Tabloid reported that over 1.5 trillion SHIB tokens were shifted within 24 hours. These transfers, ranging from 42.6 billion to 397 billion SHIB tokens, involved major exchanges like Binance, Coinbase, and Gate.io. Additionally, another anonymous wallet deposited 200 billion DOGE tokens, another popular meme coin, to Robinhood.
SHIB Price Gained Momentum
The surge in SHIB transfers coincided with a bullish price movement for the token. Initially, SHIB experienced a notable increase of 12.26% in 24 hours but has since slowed down. At the time of writing, SHIB is trading at $0.00002452.
SHIB Burn Rate Initial Increase and Fluctuation
While positive news initially came from the Shibburn tracker, the burn rate has since shown fluctuations. The SHIB community had collectively burned nearly 10 million SHIB tokens in 24 hours. This action significantly boosted the SHIB burn metric by 306.7%. However, in the last 24 hours, the burn rate has decreased with only 2.9 million SHIB burned.
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The burning process involves permanently removing tokens from circulation, potentially increasing the value of the remaining tokens over time. This achievement involved over 20 individual transactions sending SHIB to unspendable blockchain wallets. The three largest burn transactions included 1,447,938 SHIB, 1,359,610 SHIB, and 1,000,000 SHIB.
The recent large SHIB transfers, combined with the token’s price increase and fluctuating burn activity, suggest an increased interest and potential volatility for Shiba Inu.
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