Twitter user @shibaplay has reported that trillions of SHIB have been transferred in large sums. It was then noted by u.today that large quantities were moved to exchanges in order to potentially sell. Moreover, the burn rate has reached 95%.
Shiba Inu tokens are among the most prominent and popular meme coins on the market, and today is proving why. A reported burn project driven by users has led to astronomical numbers being transferred to Ethereum wallets over the last 20 hours.
SHIB Burn Rate Hits 95%
The initial report from @shibaplay_ noted that the project has seen Ethereum wallets receive SHIB in the trillions. The largest single chunk of SHIB totaled a massive 1,926,012,699,342 tokens. Moreover, that would equate to around $17,623,016.
Furthermore, evidence gathered from u.today has reported Etherscan data showing over 2.2 trillion SHIB coins have been transferred in just five transactions overall. Interestingly, two of those giant transactions were moved to prominent cryptocurrency exchanges.
Of those transactions, 82,079,564,000 SHIB were transferred to Coinbase, the largest United States-based cryptocurrency exchange platform. Additionally, the second transfer saw 81,606,470,665 SHIB transferred to the OKX digital exchange.
U.today reports that the move was likely done with the intention of selling the coins. As for both exchanges, the SHIB moved would equate to around $751,028. Furthermore, the largest collection of SHIB by that same Etherscan data was the previously stated 1.9 trillion. That collection was moved between two unknown wallets.
Conclusively, recent data tracked by Shibburn notes that in the past 24 hours, the burn rate has reached 95%. That number means that the SHIB community has only managed to burn 2,000,000 of the meme coins in that same time frame.
Consequently, the SHIB price has still been steadily and marginally increasing. CoinMarketCap reported that the coin is now trading at $0.000009122, at press time, with more than a 4% rise in the last day.