A mysterious Shiba Inu () whale is suddenly shifting trillions of SHIB as the leading memecoin grinds up this month.
New data from the whale-surveying platform Whale Alert reveals that a deep-pocketed crypto investor abruptly moved 4,254,147,213,294 SHIB, worth about $46.46 million at the time of the transaction, from an unknown wallet to another unknown wallet.
The massive SHIB transfer comes as the dog-themed memecoin’s burn rate has seen a massive surge during the last 24 hours. According to data from Shiba Inu token tracker Shibburn, the protocol’s burn rate has 2,183% in the past day.
Shibburn also reveals that 54.6 million SHIB have been rendered obsolete during the last day, bringing the overall amount of discarded tokens to a staggering 410 trillion.
Earlier this year, the Shiba Inu development team released Shibarium, the Dogecoin () rival’s layer-2 scaling solution.
Soon after its release, however, the protocol experienced technical issues, causing millions of dollars worth of digital assets to get stuck over the project’s Ethereum () bridge due to a “massive influx” of users.
The issue has been promptly resolved and the protocol is now processing millions of transactions daily. Data from SHIB blockchain explorer Shibariumscan shows that since December 1st, Shibarium has been processing over five million transactions daily. In the last 24 hours alone, Shibarium recorded 7.53 million transactions.
At time of writing, SHIB is trading for $0.0000109, up about 20% since the start of December.
