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CryptocurrencyNewsOn-chain Data / AnalysisShiba Inu (SHIB)Trading

SHIB Whale Moves 308 Billion SHIB Tokens: Here’s Why

The Shiba Inu ecosystem has seen notable movement of SHIB tokens, which have attracted the attention of the broader crypto ecosystem. Reports indicate that the transfer, estimated to be half a billion, occurred over the past 24 hours.

Coinbase Exchange Sees Massive SHIB Tokens

According to data from the blockchain research platform Etherscan, the recent transactions were initiated by an anonymous Shiba Inu owner using the address “0xEb4”. This address transferred approximately 308 billion SHIB tokens to the prominent crypto trading platform Coinbase. According to Etherscan, this amount equals $2.8 million on Coinbase.

Etherscan data revealed that the address had purchased Shiba Inu tokens more than a month ago and then withdrew them from the same exchange. The data further showed that a new and unidentified address, “0x3db,” moved 182.24 billion SHIB tokens worth $1.66 million from Coinbase.

It is worth noting that the address “0x3db” had previously performed SHIB withdrawals from the US-based crypto exchange six days earlier. During this time, it sold over 30 billion SHIB tokens for an equivalent of over $250K.

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Shibarium Targets 1,000 Projects

Meanwhile, a Shiba Inu influencer on the X platform (@LucieSHIB) has disclosed that the Shibarium ecosystem aims to add up to 1,000 projects through multiple strategic partnerships. However, the influencer points out that this expansion does not mean abandoning previous projects.

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Furthermore, @LucieSHIB encouraged members of the SHIB army who have consistently supported the development team thus far to keep doing so. She also underlined the need to connect personal principles with chosen projects and complete detailed assessments such as reviewing whitepapers, understanding fundamentals, evaluating the team, and determining utility.

SHIB Burn Continues

Per recent data provided by Shibburn, the SHIB community effectively burned 197 million SHIB tokens this past week. This amount represents an increase of 21.28% in the token’s burn rate.

It is worth noting that the daily SHIB burn rate has significantly surged over the week, with over 15.7 million SHIB tokens sent to dead wallets. In contrast, the burn rate dropped by over 80% over the last 24 hours, with slightly over 3.78 million SHIB tokens burned.

SHIB’s Price Action

The broader crypto industry continues to monitor SHIB’s price dynamics as anonymous Shiba Inu holders engage in trading patterns that analysts consider to be token-related orders. Following a brutal 6% rebound from the January 23 fall, the SHIB price has regained stability at the $0.000009 price level.

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Analysts interpret the present price trend as evidence of an accumulation phase characterized by extraordinarily low volatility. This period of relative price stability indicates a consolidation phase among market participants. This explains the lack of solid volatility observed at the time of writing.


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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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