A Large Shiba Inu Whale Transfers Trillions of SHIB
A significant Shiba Inu (SHIB) whale has made a sudden move by transferring trillions of SHIB as the popular memecoin continues to rise. According to data from Whale Alert, an unidentified crypto investor moved 4,254,147,213,294 SHIB, worth around $46.46 million, from one unknown wallet to another.
Massive Surge in SHIB Burn Rate
At the same time, the burn rate of SHIB has experienced a substantial increase in the past 24 hours. Shibburn data reveals that the protocol’s burn rate has risen by 2,183% during this period. Additionally, 54.6 million SHIB tokens have become obsolete in the last day, bringing the total discarded tokens to an astonishing 410 trillion.
Shibarium’s Technical Issues and Resolution
The development team behind Shiba Inu released Shibarium earlier this year as a layer-2 scaling solution to rival Dogecoin (DOGE). However, technical issues emerged shortly after its launch, causing millions of dollars’ worth of digital assets to get stuck due to an influx of users on the project’s Ethereum bridge. Fortunately, this problem has been resolved and Shibarium is now processing millions of transactions daily.
Current Status of SHIB
As of now, SHIB is trading at $0.0000109, representing a 20% increase since the beginning of December.
Hot Take: Shiba Inu Whale Activity Reflects Growing Interest in Memecoins
The sudden movement of trillions of SHIB by a large whale highlights the increasing interest in memecoins like Shiba Inu. As burn rates surge and technical issues are resolved, Shiba Inu continues to attract attention in the crypto market. The rise in transactions on Shibarium and the token’s price increase indicate a growing community and investor interest. It will be interesting to see how Shiba Inu and other memecoins evolve in the coming months as they capture the imagination of crypto enthusiasts.
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