A mysterious Shiba Inu (SHIB) whale suddenly moves trillions of SHIB as the top memecoin surges this month.
New data from the whale research platform Whale Alert reveals that a deep-pocketed crypto investor abruptly moved 4,254,147,213,294 SHIB, worth approximately $46.46 million at the time of the transaction, from an unknown wallet to another unknown wallet.
The massive SHIB transfer comes as the dog-themed memecoin’s burn rate has skyrocketed in the past 24 hours. According to data from Shiba Inu token tracker Shibburn, the protocol’s burn rate is the same got up 2,183% in the last day.
Shibburn also reveals that 54.6 million SHIBs became obsolete in the past day, bringing the total number of discarded tokens to a staggering 410 trillion.
Earlier this year, Shiba Inu’s development team released Shibarium, the layer-2 scaling solution from Dogecoin (DOGE) rival.
However, shortly after its release, the protocol experienced technical issues, leaving millions of dollars worth of digital assets stuck across the project’s Ethereum (ETH) bridge due to a “massive influx” of users.
The problem was quickly resolved and the protocol now processes millions of transactions every day. Data from SHIB blockchain explorer Shibariumscan shows that Shibarium has existed since December 1 process more than five million transactions per day. In the last 24 hours alone, Shibarium recorded 7.53 million transactions.
At the time of writing, SHIB is trading at $0.0000109, up about 20% since early December.
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Generated image: Midjourney