Whales sent hundreds of billions of Shiba Inu (SHIB) to cryptocurrency exchange OKEx. However, the biggest whales continue to hold the altcoin project tight. Meanwhile, SHIB Army continues to burn millions of SHIBs, as reported by the Shibburn platform.
Whales moved 443 billion SHIB to sell
According to whale watching platform Whale Alert, around half a trillion Shiba Inu (SHIB) tokens were transferred during the day from an anonymous wallet to an address owned by major crypto exchange OKEx. However, SHIB is not the only meme coin among the major transfers Whale Alert has recently spotted. Two days ago, the whale watcher detected 350,000,000 DOGE transfers from an unknown wallet.
According to Whale Alert, a total of 443,635,233,210 SHIBs were transferred from an anonymous address to the OKEx crypto exchange. The fiat equivalent of this amount of meme coins is equivalent to $5,145,739. Experts estimate that this move was most likely made to sell these tokens.
Biggest whales keep SHIB storage
Overall, however, the top 100 whales have drastically increased their SHIB ratios in their portfolios recently, according to data from WhaleStats. In line with this, SHIB has again become one of the top three crypto assets in whale portfolios.
WhaleStats data shows that the top 100 wallets on the Ethereum Blockchain currently hold a total of 50,767,469,828,130 SHIB worth $566,625,313. Also, currently SHIB is the second largest entity in the top 10 list. Over the past week, the amount of SHIB held here has increased tremendously. Thus, from just over $100 million in equivalent, it has now grown to about $600 million.
Millions of altcoins went to burn wallets
As reported by the Shibburn platform, in the last 24 hours, SHIB Army has managed to burn around 13 million SHIB in 13 transactions. Over the past two days, that equates to a total of over 65 million burnt Shiba Inu.
Burned cryptos are moved to wallets where they are permanently locked. So there is no chance to withdraw or spend money in any way. The purpose of this is to reduce the circulating supply so much that the asset becomes more scarce and the price rises. This is what communities actively burning tokens hope for.
Shibaruim raises altcoin price
cryptocoin.comAs you follow, Shiba Inu has been growing at an impressive pace last week after the dev team announced that a beta version of the Layer 2 protocol Shibarium will be released soon. Shibarium will allow users to perform a larger number of transactions. It will also do these operations much faster and at a much lower cost than before.
Transaction fees will be charged in BONE token, some of which will be converted to Shiba Inu cryptocurrencies and sent to dead addresses, never to circulate again. The SHIB Army expects trillions of SHIBs to be burned monthly or even weekly in this way.
So far, a total of 410.384,622,721,100 tokens have been destroyed from the initial supply. There are now 571,601,150,366,694 SHIBs left in circulation. At the current rate of burning SHIB a few, even 10-20 million a day, the community believes it may take ‘10,000 years’ to burn most of the supply to raise the price.
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