Meme-based cryptocurrency Shiba Inu SHIB/USD has witnessed a massive withdrawal of 8 trillion tokens from exchanges since November.
What Happened: The self-proclaimed ‘Dogecoin DOGE/USD Killer' has seen a major spike in whale activity, according to IntoTheBlock data, as first reported by U.Today.
The 8 trillion tokens that have been moved out of known exchanges since November are worth $88 million.
While both retail and large-scale investors have been undertaking major transactions, the volume of large transactions has shown a much bigger spike.
According to the IntoTheBlock data shared by U.Today, while transactions between $0.00 and $1.00 grew by 25.71% over the past 30 days, transactions above $1 million witnessed a 150% increase.
The largest transaction in this period amounted to $158.1 million, totaling 15.34 trillion Shiba Inu tokens.
Amongst the whales who have been accumulating Shiba Inu is Justin Sun, founder of Tron TRON/USD.
There was another major transaction, likely by a single investor, showing a purchase of 850 billion SHIB. This is worth $7.5 million.
Why It Matters: Further, the SHIB burn rate has also been skyrocketing – the token witnessed a massive burn of over 17 billion tokens this week alone.
This significant increase in the burn rate for the ‘Dogecoin killer' comes at a time when Shiba Inu announced a partnership with domain company D3 Global, aimed at acquiring the .shib domain.
Price Action: At the time of writing, SHIB was trading at $0.00001089, down 1.98% in the last 24 hours, according to Benzinga Pro.
Image via CryptoFX on Shutterstock
[Dec. 26, 2023, 3:26 a.m. ET] Editor’s Note: This article has been updated to incorporate a reference to U.Today and to eliminate certain subjective remarks. We deeply regret the error.
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
