As major memecoins grow this month, the mysterious Shiba Inu (SHIB) whale is suddenly moving trillions of dollars in SHIB.
New data from whale research platform Whale Alert Open to the public A deep-pocketed cryptocurrency investor suddenly transferred 4,254,147,213,294 SHIB, worth approximately $46.46 million at the time of the transaction, from an unknown wallet to another unknown wallet.
Massive SHIB transfers have occurred over the past 24 hours as the burn rate of dog-themed memecoins has skyrocketed. According to data from Shiba Inu token tracker Shibburn, the protocol’s burn rate has increased by 2,183% over the past day.
Shibburn also revealed that 54.6 million SHIBs became worthless in the last day, bringing the total amount of retired tokens to a whopping $4.1 trillion.
Earlier this year, the Shiba Inu development team launched Shibarium, a layer 2 scaling solution for Dogecoin (DOGE) competitors.
However, shortly after launch, the protocol encountered technical issues, resulting in a “massive influx” of users, causing millions of dollars worth of digital assets to get stuck on the project’s Ethereum (ETH) bridge.
The problem was immediately resolved and the protocol is now processing millions of transactions every day. Since December 1, Shibarium has been processing over 5 million transactions per day, according to data from SHIB blockchain explorer Shibariumscan. In the last 24 hours, Sybarium recorded 7.53 million transactions.
As of this writing, SHIB is trading at $0.0000109, up about 20% since early December.
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