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

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

In massive transactions, a whopping 1.6 trillion Shiba Inu (SHIB) tokens have recently been transferred to the major U.S. crypto exchange Coinbase. According to blockchain data tracker Whale Alert, three major transactions were responsible for this massive move.

Whale Alert reports three separate transactions in which "558,613,706,983 SHIB worth $10,419,449 were transferred from unknown wallet to Coinbase."

The cumulative total of these transactions amounts to 1.674 trillion SHIB, highlighting significant activity by large Shiba Inu holders, commonly referred to as "whales."

The transfer of such a large quantity of SHIB tokens to Coinbase could indicate several potential scenarios. One possibility is that these whales might be preparing to sell their holdings. One of the reasons why tokens get moved to exchanges might be to sell, another might be for staking or trading.

Alternatively, the transfer might be a mere reshuffling by Coinbase itself or a move by a large holder to take advantage of Coinbase's liquidity and trading features. That said, the exact reason for the shift remains unknown.

While it remains uncertain the fate of the 1.6 trillion SHIB that landed on Coinbase, the SHIB community is watching closely.

Shiba Inu burn rate soars by 1,323%

In a remarkable uptick, the Shiba Inu (SHIB) burn rate has surged by an astonishing 1,323% over the past 24 hours, resulting in 34,912,694 SHIB tokens being permanently removed from circulation.

In the past 24 hours, there have been a total of 34,912,694 SHIB tokens burned, according to the Shibburn website.

This significant increase in the burn rate has sparked enthusiasm among the SHIB community, as it contributes to ongoing attempts to reduce the token's supply while potentially increasing its scarcity and value.

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