Trillions of SHIB Transferred to Coinbase Raises Questions Among SHIB Army

On June 11, 2024, blockchain analytics firm OnchainDataNerd reported a significant movement of Shiba Inu (SHIB) tokens. Ten wallets collectively transferred over 4.29 trillion SHIB to the major cryptocurrency exchange Coinbase. This transfer, valued at roughly $100 million, has sparked speculation about the potential sale of these dormant SHIB holdings.

Details of the SHIB Transfer

The report indicates that the 4.29 trillion SHIB originated from ten wallets and were purchased in two distinct buying periods. The first purchase occurred in September 2021, while the second was acquired in March 2024.

Read Also: Shiba Inu (SHIB) and Solana (SOL) Listed On Robinhood

The average purchase price across these transactions was $0.00001309 per SHIB. If sold at the current market price, this transfer could generate a profit of approximately $41.22 million for the holders.

Internal Transfer at Robinhood

It’s important to note that a separate large SHIB transaction involving 600 billion tokens leaving the Robinhood exchange was initially reported. However, further investigation revealed that this transfer remained within the Robinhood platform. This internal movement suggests that Robinhood was likely reshuffling its own SHIB holdings rather than facilitating a transfer to an external wallet.

Shiba Inu (SHIB) Burn Rate Sees Spike

Despite the potential market impact of the large SHIB transfer to Coinbase, positive developments within the SHIB community are also noteworthy. According to the Shibburn platform, the rate at which SHIB is being permanently removed from circulation, has surged by an impressive 2,930% in the past 24 hours.

Read Also: Shiba Inu Surges Over 20% Following Robinhood Listing; As Two ETH Whales Grab 393 Billion SHIB

This community-driven effort has resulted in the burning of over 7.9 million SHIB tokens, effectively reducing the overall circulating supply. However, it’s important to note that the burn rate has since subsided as no burns have been recorded in the last nine hours.

The movement of a large amount of SHIB to Coinbase has generated interest and potential concerns about selling pressure. However, the ongoing efforts of the SHIB community to reduce the circulating supply through burning demonstrate their long-term commitment to the project. The coming days will likely see further analysis of this significant SHIB transfer and its potential impact on the token’s price.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.

---

Follow us on Twitter, Facebook, Telegram, and Google News