What Happened on Shiba Inu’s (SHIB) Short Trades?
Information produced by two common wallet trackers indicates that, during the weekend, a couple of large chunks of SHIB were transferred. One was marked as a purchase made by a Shiba Inu whale, one of the 200 biggest whales on the ETH Blockchain.
Regarding the latest tweet by whaleStats, a whale known as Boromir, after a key actor in an iconic fantasy novel by Tolkien, “Lord of the Rings,” purchased 120,000,000,000 SHIB Inu meme tokens. This sum was equivalent to 1,450,800 dollars at the time of the acquisition almost seventeen hours ago.
Currently, Boromir possesses the same amount of Shiba Inu he acquired previously but slightly dropped in United States dollar worth and the token’s value over the past twenty-four hours to 1,441,128. Therefore, the purchase was registered as the only major acquisition of Shiba Inu by WhaleStats in a long while.
3.2 Trillion Worth of Shiba Inu Moved by Unknown Wallets
According to the wallet tracker, the second biggest dog-themed digital asset by market cap value maintains the position of the most transacted digital asset and the biggest digital asset by United States dollar value amongst the one hundred biggest wallets on the ETH Blockchain.
The total amount of Shiba Inu possessed by these whales is 568,547,643 dollars worth of this digital asset. They are totaling to around 15.82% of their comprised crypto revenue.
Meanwhile, a major tracker of massive digital asset transfers, Whale Alert, has announced that over the weekend, a large sum of Shiba Inu digital assets was transferred from one unknown wallet to another unknown wallet. That amount is speculated to be more than 3.2 trillion Shiba Inu.
The transferred meme coins were valued at 38,870,101 in fiat currency. Such large transactions could either be indicators of an internal coin change by an exchange, an acquisition, or whales supplying their digital assets between old and new accounts. However, no information from Whale Alert indicates that a digital asset exchange made this shift.
Shiba Inu Burn Rates Sky-Rocket Over the Weekend
According to reports by U.Today, in the past twenty-four hours, the burn rate of SHIB tokens surged by more than 500% after a deteriorating performance witnessed during the weekend. As a result, 22,175,307 million Shiba Inu was sent to dead-end accounts, where Shiba Inu gets locked up for a significant period and removed permanently from the circulating distribution.
Almost half the amount, 11.8 million Shiba Inu, was removed by Shib Super Store, a platform associated with the amazon affiliate program to burn SHIB, using commission fees obtained from sales.
The Shiba Inu value is getting ready for a breakout should purchasing pressure on the digital asset mount. In the past twenty-four hours, the virtual digital asset was changing hands at 0.00001166, although depreciating by almost 3% in the past twenty-four hours.
BTC is Getting Ready for Next Year
According to the analytical service, the BTC market rally is just the icing for the next step. The analysis is based on the increase in the network’s transaction volume and distribution movement.
According to blockchain indicators, after witnessing a downtrend and reaching the bottom, the market is repeating the behavior of the initial coin replicating tendencies witnessed a couple of years ago. However, BTC has revived after an extended downtrend.
