Blockchain tracking platform Whale Alert, which monitors large cryptocurrency transfers and then shares the details with the crypto community on the X platform, has spotted a tremendous amount of the second largest meme cryptocurrency, Shiba Inu.
A single transfer detected by this crypto tracker has shoveled several trillion SHIB meme coins.
4 trillion SHIB change hands anonymously
According to the aforementioned blockchain data source, a mammoth amount of four trillion Shiba Inu worth $99,005,333 at the time of the initiated transaction were sent from an anonymous blockchain wallet to a new crypto wallet, also an unknown one, per details shared by Etherscan.
🚨 🚨 🚨 🚨 4,000,000,000,000 #SHIB (99,005,333 USD) transferred from unknown wallet to unknown wallethttps://t.co/Qz6SULjznA
— Whale Alert (@whale_alert) November 14, 2024
The SHIB community seemed impressed by this staggering transfer. X users began to make comments like “Big move causing ripples in the crypto sea” and “That's a massive SHIB move! The crypto world keeps us on our toes.”
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Recent SHIB market performance with golden cross behind
Today, the popular meme cryptocurrency has made a price shift from bearish to bullish, rising by 6.28%. This price increase came after a 23.11% decline faced by SHIB since Tuesday.
Back on that day, the meme coin reached a local high of $0.00002966 as a result of soaring by more than 55% since Nov. 9 from $0.00001904. At writing time, SHIB is trading at $0.00002412.
As reported by U.Today, earlier this week, SHIB formed a rare pattern known as a golden cross. It is formed when two moving averages – 200-day and 50-day ones – overlap each other. This pattern usually heralds a further period of large price growth for an asset. However, this time, SHIB took a massive 16% plunge instead.
SHIB burns surge 114%
A major tracker of the SHIB burn metric has revealed that over the last 24 hours, the popular meme cryptocurrency’s burn rate increased by 114.47% in total. This rise became possible thanks to the SHIB community transferring 16,183,813 SHIB out of the circulating supply.
There has been only one burn transaction today, which shoveled this 16.1 million SHIB to an unspendable blockchain address. Since the coin’s launch, the community has succeeded in burning a cumulative chunk of 410,737,797,662,375 SHIB, while 583,737,687,171,832 coins continue to circulate on the cryptocurrency market.
