Massive SHIB Whale Moves Trillions Across the Market: Report

The prominent blockchain sleuth platform Whale Alert has reported an unprecedented Shiba Inu transfer. This crypto transfer shovelled 4,560,030,677,374 SHIB, worth $31,756,053 in total. This jaw-dropping transfer follows similar occurrences on October 16 and 18, where anonymous whales exchanged trillions of SHIB, indicating a surge in whale activity within the crypto market.

According to a recent report by IntoTheBlock, a leading on-chain analytics company, the largest SHIB holders are top-tier wallets, many belonging to crypto exchanges, collectively holding more than 623 trillion SHIB. Notably, there are only a few dozen wallets with such substantial SHIB holdings. In contrast, 47 wallets control 14.22% of the total SHIB in circulation, each containing between 0.1% and 1% of the supply.

The recent increase in the number of massive SHIB transfers has raised concerns and speculations within the crypto community. Analysts suggest that these transfers might be orchestrated by the top-tier wallet holders, a group capable of significantly influencing the market. Even a single transfer of this magnitude has the potential to create waves in the crypto market and impact SHIB’s price.

Despite the massive transfers and their potential market influence, SHIB has shown impressive resilience and even witnessed a price surge of 2.6% in the last 24 hours. It initially rose from $0.00000669 to $0.00000701 before experiencing a minor dip, settling at $0.00000691 at the time of reporting. This price movement closely mirrors the trajectory of Bitcoin, the leading global cryptocurrency, which has seen a nearly 6% increase, jumping from $28,224 to over $30,000.

This surge in Bitcoin’s price was triggered by the recent development where the chief executive of Ripple, Brad Garlinghouse, and Ripple’s co-founder Chris Larsen were cleared of charges made against them by the Securities and Exchange Commission (SEC) in December 2020. Consequently, XRP also experienced a notable 8% price uptick.

In a related development, the Layer-2 blockchain Shibarium achieved a significant milestone by surpassing 3,500,000 total transactions, underlining the growing prominence of the SHIB ecosystem.

However, amidst the excitement, the SHIB burn rate, a crucial metric indicating token scarcity, experienced a significant decline. Within the last 24 hours, the burn rate plummeted by more than 50%, resulting in the destruction of less than 40,000,000 SHIB tokens. Notable burn transfers included 14,357,501 SHIB and 11,738,735 SHIB meme coins.