1.6 Trillion SHIB Stuns Major Crypto Exchange Coinbase, What’s Going On?

by

As a seasoned researcher with years of experience in the cryptocurrency market, I find myself intrigued by the recent developments surrounding Shiba Inu (SHIB). The massive transfer of 1.674 trillion SHIB tokens to Coinbase raises several questions and possibilities.

A substantial amount of Shiba Inu (SHIB) tokens, specifically 1.6 trillion, has been moved to the prominent U.S. cryptocurrency exchange, Coinbase, in large transactions as per recent data from blockchain tracker Whale Alert. It appears that three significant transfers are behind this massive shift.

Whale Alert has shared information about three distinct transfers involving approximately 5.5 billion Shiba Inu tokens, valued at around ten million four thousand one hundred ninety-nine US dollars. These tokens were sent from an unidentified digital wallet to Coinbase.

🚨 558,613,706,983 #SHIB (10,419,449 USD) transferred from unknown wallet to #Coinbase

— Whale Alert (@whale_alert) November 8, 2024

In summary, the combined value of all these transactions is approximately 1.674 trillion SHIB coins, indicating substantial trading by major Shiba Inu investors, often called “whales.

As a crypto investor, I’ve noticed a significant shift in SHIB tokens towards Coinbase, which could hint at a few possible situations. One scenario could be that these ‘whales’ are gearing up to offload their holdings, given that moving tokens to exchanges is often associated with selling. However, it could also be for staking or trading purposes on the platform. The key takeaway is to stay informed and make decisions based on a well-researched strategy.

From my perspective as a crypto investor, it could simply be an internal reorganization by Coinbase, or perhaps a strategic maneuver by a significant investor leveraging Coinbase’s liquidity and trading facilities. Regardless, the precise motive behind this movement is yet to be unveiled.

Although the final outcome regarding the 1.6 trillion SHIB tokens found on Coinbase is yet unclear, the Shiba Inu community is keeping a keen eye on developments.

Shiba Inu burn rate soars by 1,323%

Over the last day, there’s been a significant increase of 1,323% in the burning rate of Shiba Inu (SHIB). This means that a total of 34,912,694 SHIB tokens have been taken out of circulation and won’t be available anymore.

Over the last day, a grand total of 34,912,694 Shiba Inu tokens have been permanently removed from circulation, as reported on the Shibburn tracking site.

The surge in the burn rate has ignited excitement within the Shiba Inu community, as this trend supports efforts to lower the number of tokens available, which could lead to a rise in their rarity and worth.

At the time of writing, SHIB was up 1% in the last 24 hours to $0.00001916, and up 10% weekly. 

Read More

2024-11-09 17:39