Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin?
October 06 2023 - 6:00AM
NEWSBTC
Large-scale transactions of Shiba Inu tokens have once again
captured the attention of the cryptocurrency community. In a recent
announcement by the crypto tracker Whale Alert, a substantial
amount of SHIB was observed being transferred from the
Amsterdam-based cryptocurrency exchange Bitvavo to an undisclosed
blockchain address. The staggering figure of
4,584,530,677,374 SHIB raises intriguing questions about the
continued interest of prominent investors in this meme-based
cryptocurrency. The transfer, which took place in the early hours
of Oct. 5, was meticulously recorded by the Ethereum (ETH)
blockchain explorer Etherscan, adding credibility to the
transaction’s authenticity. Related Reading: Assessing
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$0.27? Shiba Inu Whale Transaction Details And Suspicious Timing
This development comes just one week after the Shiba Inu
development team issued a cautionary statement to its community,
urging investors to exercise due diligence and remain cautious of
suspicious entities claiming to be affiliated with the SHIB
ecosystem. 🚨 🚨 4,584,530,677,374 #SHIB (33,132,403 USD) transferred
from #Bitvavo to unknown wallethttps://t.co/HrCbR3oavs — Whale
Alert (@whale_alert) October 5, 2023 The team emphasized that the
mere use of the name “Shibarium,” which denotes the ecosystem’s
recently launched layer-2 scaling solution, does not automatically
confer legitimacy. Instead, the SHIB team emphasized that all
official partnerships and announcements would be exclusively
disseminated through the ecosystem’s Discord channel or official
blog. SHIB market cap currently at $4.2 billion. Chart:
TradingView.com Over the past 24 hours, the SHIB community has
embarked on a noteworthy endeavor to reduce the circulating supply
of SHIB tokens. A substantial quantity, totaling 50,430,344 SHIB,
has been intentionally transferred to “dead wallets,” a strategy
that effectively reduces the available supply and supports token
value. The largest single transaction in this recent burn
spree amounted to 10,162,798 SHIB, as reported by the Shibburn
tracker. HOURLY SHIB UPDATE$SHIB Price: $0.00000723 (1hr 0.16% ▲ |
24hr -0.47% ▼ ) Market Cap: $4,259,485,087 (-0.53% ▼) Total Supply:
589,339,392,895,097 TOKENS BURNT Past hour: 2,671,046 (2
transactions) Past 24Hrs: 50,430,344 (61.06% ▲) Past 7 Days:
426,377,516 (-41.81% ▼) — Shibburn (@shibburn) October 5, 2023
SHIB’s Resilience And Current Market Performance The ongoing
efforts by Shiba Inu enthusiasts to burn SHIB tokens have been
highly successful. To date, a remarkable 410 trillion-plus SHIB
tokens have been deliberately removed from circulation, signaling a
concerted commitment to creating scarcity in the market. Related
Reading: Solana Price On Fire: October Red-Hot Prediction – $30
Within Reach? The resurgence in SHIB activity follows a period of
rapid growth in the SHIB ecosystem. Despite recent market
fluctuations, SHIB is currently valued at $0.00000720 according to
CoinGecko, experiencing a slight 0.9% decline over the last 24
hours and a modest 2.2% dip over the past seven days. These
developments in the world of Shiba Inu (SHIB) underscore the
resilience of meme-based cryptocurrencies and the unwavering
enthusiasm of its community, making it a cryptocurrency to watch
closely in the coming weeks and months. Featured image from Channel
Futures
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