Numerous anonymous entities have recently engaged in significant transfers of Shiba Inu coin (SHIB), amounting to hundreds of millions in value. More than 20 trillion SHIB tokens, approximately worth $200 million, have been undergoing discreet wallet-to-wallet transfers orchestrated by a mysterious whale. In the past week, an elusive actor shifted 4 trillion SHIB from one undisclosed wallet to another, and the origin of these funds remains concealed. Currently, these Shiba Inu tokens are being split into smaller bundles, each valued at around $200,000, before being sent to various exchanges.
Although the entire sum is currently held in a single wallet, it appears destined for wider distribution. These covert maneuvers align with the tactics typically employed to obscure transaction traces for reasons related to privacy or potentially less reputable motives.
While the reasons for carrying out these large-scale covert transactions remain unclear, the sheer magnitude of these actions has piqued interest. Observers in the market are closely monitoring the situation for potential effects on the valuation of SHIB.
Shiba Inu’s Burn Rate Sees a Steep 42% Drop
Information from Shibburn indicates that the SHIB token burn rate experienced a significant decline of -42% within the past 24 hours. During this short period, only 59,268,845 SHIB tokens were permanently removed from circulation. The burn rate has struggled to maintain its pace, exhibiting consecutive weeks of declining rates.