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
Whale Alert, which tracks large crypto transfers, detected one of the most significant SHIB movements by two anonymous wallets.
According to the monitoring resource, one anonymous wallet sent a total of 4,439,530,677,374 SHIB to another, which was worth around $35.8M. The transaction was received by a fresh new wallet, created around 12 hours ago. Most likely, it’s about two addresses owned by the same entity that probably wants to split the massive stash of SHIB.
According to reports by Whale Alert, a lot of SHIB funds were moved by anonymous whales last week. Coincidently, whale activity is surging as Shibarium reaches a few notable milestones. As CryptoPotato reported, Shibarium exceeded 1.5 million total blocks, nearing 4 million transactions and over 1.2 million wallet addresses.
— Whale Alert (@whale_alert) November 5, 2023
Millions of SHIB Are Being Burned
SHIB has gained 15% in a month, a relatively slow bullish price action considering the original volatile nature of the dog-inspired coin. Crypto Twitter is currently speculating on whether or not we’ll see a significant price rally for SHIB, as a whopping 1.5 billion SHIB tokens were burned in October as part of the burning program.
This program has burned 41% of the initial supply already, so a lot of effort is being made to reduce the supply over time and potentially increase the coin’s value. Last week alone, 100 million SHIBs were burned.
However, things are not playing out as expected – or at least not that fast, as SHIB is up 5% on the weekly timeframe and 15% monthly, as we stated.
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#CryptoBits #CryptoNews #ShibaInu(SHIB) [Source: CryptoPotato]