A deep-pocketed Shiba Inu (SHIB) investor is suddenly moving trillions of SHIB in one massive crypto transaction.
According to whale-surveying platform Whale Alert, the high-net-worth trader is moving a staggering 3,914,263,607,418 tokens worth about $43 million at time of writing from one unknown wallet to another.
Data from the blockchain search engine Etherscan that the transfer took place early this morning and cost just $0.96 worth of top altcoin Ethereum (ETH).
SHIB, which is changing hands for $0.000011 at time of writing, a 2.83% gain during the last 24 hours, has seen a rise in the number of its tokens burned during the last day.
According to SHIB burning protocol Shibburn, just over 16 million SHIB have been rendered inert since yesterday, a 2161.77% daily increase. Data from Shibburn also reveals that hundreds of trillions of SHIB tokens have been burned from the meme asset’s initial supply.
Token burning occurs when traders intentionally remove tokens from the overall supply of an asset, either by sending them to hidden private wallets or destroying them, as a means of deflating the cryptocurrency.
Market intelligence firm IntoTheBlock notes that the overwhelming majority of SHIB holders are currently underwater. The crypto analytics company finds that 73% of investors who hold the Dogecoin (DOGE) competitor are in the red while just 23% are in the green.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Dukenod/WindAwake