On June 11, @OnchainDataNerd, a crypto analytics account on X detected numerous significant cryptocurrency transactions. These transactions have collectively transferred over four trillion SHIB tokens to the major U.S. exchange Coinbase.
The total value of SHIB tokens transferred to leading US-based crypto exchange Coinbase is estimated to be close to $100 million in fiat currency.
The account also reported that 10 wallets have transferred a massive 4.29 trillion SHIB tokens to the trading platform. These SHIB tokens were purchased in two distinct periods, three years apart.
The initial accumulation occurred in September 2021, followed by a second accumulation in March of this year. Owners acquired these trillions of coins at an average price of $0.00001309.
Consequently, @OnchainDataNerd noted that if these tokens are sold at the current SHIB price, their profit is estimated to be around $41.22 million.
Robinhood Moves 600 Billion SHIB Tokens
On Monday, there were concerns about a large movement of SHIB tokens on Robinhood. The exchange transferred 600 billion Shiba Inu to an unknown blockchain address. Later, it was clarified that this was an internal transfer and Robinhood was simply rearranging its SHIB holdings.
This transaction occurred between two large transfers of another popular meme cryptocurrency, Dogecoin. The first transfer involved 200,000,000 DOGE, valued at $28,790,166, while the second transfer involved 126,705,738 DOGE, valued at $18,431,371. In total, these transfers amounted to almost 327 million DOGE.
Market Is Burning Shiba Inu
The Shibburn tracking platform announced earlier today a significant increase in a key SHIB metric, the burn rate, which surged by an impressive 2,814%. This surge was due to the transfer of 7,912,338 SHIB tokens to unspendable blockchain wallets. This substantial burn was achieved through the collective efforts of the SHIB community over the last 24 hours.
As of now, the burn rate has decreased to 266.94% since no SHIB burns have occurred in the last nine hours. At the time of writing, SHIB is being traded at $0.00002175, showing a decline of over 7% in the past 24 hours.
