4.3 Trillion Dormant SHIB Go to Coinbase as Key Shiba Inu Metric Soars 2,814%

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As an experienced analyst with a background in cryptocurrency and blockchain data analysis, I find the recent developments surrounding Shiba Inu (SHIB) intriguing. The massive transfer of over four trillion SHIB coins to Coinbase, worth nearly $100 million in fiat currency, is noteworthy. According to @OnchainDataNerd’s report, these coins were accumulated during two distinct periods: September 2021 and March 2024, at an average entry price of $0.00001309. If the sell order goes through at the current SHIB price, the profit would amount to approximately $41.22 million.

As a data analyst at OnchainDataNerd, I’ve noticed some significant crypto transfers. Specifically, transactions amounting to over four trillion SHIB have been transferred to the prominent US exchange, Coinbase.

In total, the amount of SHIB transferred to Coinbase is evaluated at close to $100 million in fiat.

Trillions of SHIB transferred to Coinbase

According to the noted data source, a stunning transfer of 4.29 trillion SHIB coins occurred, moving to the largest U.S. crypto exchange, Coinbase. The report revealed that this transaction took place during two distinct buying phases, separated by a three-year gap between them.

In September 2021 and March this year were the two holding periods for the owners. They acquired trillions of coins on average for just $0.00001309 each. Consequently, if their coins are sold now, at the current SHIB price, they stand to make a profit of roughly $41.22 million.

Five hours ago, ten wallets transferred a total of 4.29 trillion Shiba Inu tokens, equivalent to approximately $97.33 million, to Coinbase. Interestingly, the funds in these ten wallets follow similar patterns:

— The Data Nerd (@OnchainDataNerd) June 11, 2024

According to U.Today’s report, around 600 billion Shiba Inu tokens were transferred from Robinhood to an unidentified cryptocurrency wallet on Monday. However, further investigation revealed that this was an internal transaction within Robinhood, as they reorganized their Shiba Inu holdings.

SHIB burns soar to four-digit value

Earlier today, Shibburn’s tracking platform announced a significant surge in one of SHIB‘s key metrics: the burn rate. This increase reached an impressive 2,814%, leading to the transfer of approximately 7.9 million SHIB meme coins into unspendable wallets on the blockchain. The substantial burn occurred within the past 24 hours due to the collective actions of the dedicated SHIB community.

Over the past nine hours, no SHIB tokens have been burned, resulting in a significant decrease in the burn rate to approximately 266.94%.

Currently, SHIB is being traded for approximately $0.00002175. In the previous 24 hours, it experienced a decrease of over 7%.

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2024-06-11 17:49