Whale Alert, a renowned blockchain monitoring service, highlighted a major shift in SHIB coins recently. Roughly 5 trillion of these meme coins were moved into a previously empty wallet. Simultaneously, a different whale offloaded all their SHIB and BONE tokens, opting for the now-popular meme coin, PEPE.
The Birth of a New Shiba Inu Whale
According to Whale Alert, 4,712,881,590,632 SHIB coins shifted hands from one anonymous wallet to another previously unused one. This suggests the birth of a new Shiba Inu investor, also termed a whale in the crypto world. Whale Alert tweeted, “4,712,881,590,632 #SHIB (43,285,460 USD) transferred from unknown wallet to unknown wallet.”
— Whale Alert (@whale_alert) August 17, 2023
Meanwhile, the sheer volume of the transfer has raised speculation. It could indicate a cryptocurrency exchange reallocating its meme cryptocurrency assets into a newly established wallet.
Recently, data analytics firm Santiment recorded heightened activity among SHIB whales. As SHIB’s value experienced a brief surge followed by a dip, these whales saw it as an opportunity to acquire more of the coin at a lower price.
However, the recently introduced Shibarium Layer 2 blockchain has been facing severe challenges. All assets in the Shibarium-Ethereum channel are currently inaccessible.
Whale Dumps Shib and Bone for PEPE
Yet, not all whales remain committed to SHIB. Some are trading SHIB and its major tokens in favor of the PEPE meme coin. @lookonchain, a crypto transaction tracking service, revealed that a whale swapped all their SHIB and BONE holdings for an astounding 1.07 trillion PEPE coins, valued at $1.28 million.
This same whale traded approximately 980,000 BONE for 787 ETH within the last three days. Once Shibarium experienced glitches and ceased generating new blocks, the individual transferred a whopping 143 billion SHIB, equating to $1.32 million, to Binance, intending to liquidate this vast amount.
Hundreds of Millions of SHIB Burned
Despite the hurdles encountered by the SHIB team due to Shibarium, the SHIB community is ardently burning their Shiba Inu meme coins.
On the last day alone, the Shibburn explorer reported transfers of 323,182,072 SHIB to dead-end wallets. This has increased the coin’s burn rate by almost 50%. The largest quantities of SHIB coins burned recently were 31 million, 30 million, and 29 million.