Shiba Inu Burn Rate Plunges 100% — Largest Whale Moves $30M Worth Of SHIB To 8 Fresh Wallets

A colossal whale, possibly the largest holder of Shiba Inu SHIB/USD tokens on Wednesday transferred 4 trillion SHIB, valued at $29.8 million, to eight newly-created addresses. 

What Happened: The whale’s activity has caught the attention of crypto enthusiasts, as it marks the first time in over 600 days that the whale has made any significant moves.

Data from the on-chain analytics platform Lookonchain shows that the whale, who acquired 103.33 trillion SHIB early on, made a purchase using 38 Ethereum ETH/USD worth around $14,000. 

Shortly after, the whale sold around 603 billion SHIB in exchange for approximately 2,411 ETH, valuing the transaction at $9.6 million. The profits made by the whale in this transaction amount to 62,447.37%.

In a separate move, the whale also deposited 1.25 trillion SHIB, equivalent to $8.77 million, into Coinbase earlier this year.

The whale bought 103.33T $SHIB with 38 $ETH($14K) very early.

Then sold 603B $SHIB for 2,411 $ETH($9.6M) and deposited 1.25T $SHIB($8.77M) to #Coinbase in 2021.

Currently, the whale still holds 101.47T $SHIB ($756B), which is distributed in 23 wallets. pic.twitter.com/U2lfaXlUj1

— Lookonchain (@lookonchain) July 13, 2023

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Why It Matters: Despite these transactions, the giant whale still retains 101.47 trillion SHIB, an approximate value of $756 million. 

What’s even more intriguing is that the tokens are distributed across 23 different wallets, making it exceedingly difficult for observers to track or pinpoint the whale’s exact actions.

In the most recent development, the burn rate of SHIB tokens has experienced a drastic drop of over 100% in the last 24 hours, data from Shibburn reveals.

Price Action: At the time of writing, SHIB was trading at $0.000007476, down 1% in the last 24 hours, according to Benzinga Pro.

Photo Courtesy: Shutterstock.com

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