According to the data on Whale Alert, a mysterious whale transferred over one trillion Shiba Inu (SHIB) tokens from an unknown wallet to Coinbase. The value of transferred SHIB comes to a whopping $12.15 million.
That’s not all, another whale transferred 66 billion SHIB tokens from Uniswap.
On the other hand, SHIB’s burn rate has witnessed a massive surge. At press time the burn rate on shibburn.com was up by 1017%.
A majority of the burns in the last 24 hours can be attributed to one wallet that was responsible for burning 14,540,836 Shiba Inu tokens. Another wallet burned 5 million SHIB, while two others burned 2.9 and 2.5 million.
Why are whales moving their Shiba Inu?
Funds moving from wallets to exchanges, like in the case of the whale moving over a trillion SHIB to Coinbase, is never a good sign. It signals the possibility of an impending dump. Moreover, the Shiba Eternity game is scheduled for launch tomorrow. The team has dubbed the day as “download day.” It is possible that the whale in question is anticipating a negative movement on the charts, and is preparing for the same.
On the other hand, it is also possible that the funds belong to the Shiba Inu team, and they are gearing up for tomorrow’s big launch. The game will be a significant milestone for the project. The SHIB ecosystem has added a lot of functionality in its few short years. The project will soon release its layer-2 protocol called Shibarium, which is scheduled to go live sometime this year. The team will also release two additional tokens on the SHIB ecosystem. First is a stablecoin called Shi, and the other is a reward token called TREAT.
At press time, Shiba Inu (SHIB) was trading at $0.00001155, up by 3.3% in the last 24 hours. Moreover, the token is up by 8.4% in the last two weeks.