Cryptocurrency tracking platform Whale Alert has detected a jaw-dropping transfer of meme coins, Shiba Inu (SHIB), from the Amsterdam-based crypto exchange Bitvavo. An anonymous wallet owner withdrew an astonishing 4.4 trillion SHIB, valued at a staggering $34,314,122, to an undisclosed wallet. This significant move comes just days after Shytoshi Kusama, the lead developer of the Shiba Inu development team, issued a major warning to the SHIB community via social media.
Whale Alert also revealed a similar transaction earlier this week, involving over 4.47 trillion SHIB from a Bitvavo wallet. Just like the previous movement, the recent movement of 4.4 trillion SHIB has raised concerns and speculation within the crypto community.
Data from the IntoTheBlock aggregator indicates a remarkable 1,666% growth in SHIB on-chain flows this week. Large SHIB holders, known as whales, have become increasingly active, moving their coins between wallets and acquiring additional SHIB coins while prices remain relatively low. The surge in inflows suggests that large SHIB holders may currently have more tokens coming in than going out.
Shytoshi Kusama, in his recent social media post, emphasized the importance of further development of burns on Shibarium and highlighted the need to increase utility growth on the blockchain. He cautioned the community against expecting miraculous burns of SHIB tokens without genuine use and utility on Shibarium.
Additionally, Kusama addressed concerns about FUD (Fear, Uncertainty, Doubt) spread by individuals within the crypto community, stating that such actions could deter investors, partners, and regular users from Shibarium. He called on those responsible for spreading FUD to cease their activities before causing substantial harm to the community.
In a remarkable development, the SHIB burn rate surged by an astounding 1,359% overnight. Over the past 24 hours, the SHIB community burned 115,759,009 SHIB, with a single transaction accounting for 100,000,000 Shiba Inu tokens. This spike in burn activity reflects the growing utility of Shibarium, with the total number of transactions on the Layer-2 blockchain reaching 3,780,336. The SHIB community continues to closely monitor these developments as the cryptocurrency landscape experiences significant fluctuations.
