TL;DR
- Whale Alert detected a transfer of 4.4 trillion SHIB by anonymous wallets amid rising whale activity, coinciding with Shibarium blockchain milestones.
- Despite burning 1.5 billion SHIB tokens in October and efforts to reduce supply, SHIB’s price rally remains moderate, with a 15% increase over the past month.
SHIB on the Move
There has been a significant movement of SHIB recently, as Whale Alert tracked a large transfer of the cryptocurrency by two anonymous wallets. One wallet sent a total of 4,439,530,677,374 SHIB to another, worth around $35.8M. The transaction was received by a new wallet created approximately 12 hours ago, likely owned by the same entity wanting to split the massive stash of SHIB.
Anonymous whales have been moving large amounts of SHIB funds recently. This surge in whale activity coincides with Shibarium reaching notable milestones, including exceeding 1.5 million total blocks and nearing 4 million transactions and over 1.2 million wallet addresses.
burning program.
The burning program has already burned 41% of the initial supply, indicating significant efforts to reduce the supply over time and potentially increase the coin’s value. Last week alone, 100 million SHIBs were burned.
Despite these efforts, the price rally for SHIB remains moderate with a 5% increase on the weekly timeframe and a 15% increase over the past month.
Hot Take: Slow Price Rally for SHIB Despite Significant Efforts
The recent movement of a significant amount of SHIB by anonymous wallets raises questions about its impact on the coin’s value and market dynamics. Despite ongoing efforts to reduce supply through burning programs, the price rally for SHIB remains moderate. It will be interesting to see how these developments influence future trends in the cryptocurrency market.
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