Whale Alert, one of the world’s leading crypto-tracking platforms, recently revealed data showcasing eye-catching whale transfers revolving around Shiba Inu tokens.
As of yesterday, November 5, an unknown wallet transferred a whopping 4.43 trillion SHIB tokens to another unknown wallet, stirring up speculations all over the crypto realm.
The aforestated transfers come in alignment with the recent developments made by the SHIB community to jack up support for the token.
Whale Transferring Trillions, What Does It Indicate?
As per the data unveiled by Whale Alert, an unknown wallet, 0x8d14cc60…6e5c7e24dc, transferred a whopping 4.43 trillion SHIB tokens amounting to $35.82 million, to another unknown wallet, 0x3ba943c7…225e6dabee.
Interestingly, as reported by Coingape media earlier, the same wallet received trillions worth of SHIB tokens from Bitvavo, a centralized cryptocurrency exchange. The series of transactions revolving around SHIB tokens recently has sparked quite the curiosity among crypto enthusiasts as these wallet-to-wallet transfers seem to bring out a bullish sentiment in the broader crypto market.
SHIB Price Amid Ongoing Burning and Transfer of Tokens
As of writing, the Shiba Inu price witnessed a marginal fall and was down by 0.58% in the past 24 hours. Currently, the SHIB price is valued at $0.000008106 with an overall weekly marginal surge of up to 1.56%.
Following the series of whale transactions and the burning of tokens by the Shiba Inu community, the SHIB token price underwent constant fluctuations. Moreover, as per data unveiled by the Shina Inu crypto community, almost 1,195,326 tokens were burnt as of today, November 6, resulting in the depletion of the overall tokens circulated in the market by 87.85%.
The mass burning of tokens along with whale wallets transferring tokens to other wallets rather than centralized exchanges, indicates a constant push by the community to jack up the SHIB tokenomics. Investors and Traders are eyeing the token extensively as the advancements made by the community demonstrate a positive outlook for the token’s future.
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