The largest wallets on the Ethereum blockchain, more than 1.1 trillion in the last three days Shiba Inu (SHIB) disposed of it. The recent sale of this meme token cost the Binance exchange approximately 61 billion SHIB tokens.
In the rush to dispose of Shiba, whales sell a massive 1.1 trillion SHIB
According to data from Whalestats, a popular whale watching platform, as of Sept. 14, the SHIB stock of the largest Ethereum whales has dropped from $152 million to $142 million, with these huge whales currently holding just $140 million in Shiba Inu. In terms of fiat currency, this difference marks a staggering 1,115,879,828,326 SHIB.
In the latest of these transactions, a total of 60,921,271,741 SHIB were moved to the Binance exchange, most likely to sell this cryptocurrency.
During the week, whales started abandoning the SHIB coin as the value of the second largest meme cryptocurrency plummeted. According to data from CoinMarketCap, the popular meme coin has lost just over 10 percent of its market capitalization in the past seven days.
Whale alert 🚨: 60,921,271,741 $SHIB transferred.
check details 👇🏻
— ShibaPlay (@shibaplay_) September 17, 2022
Shiba Inu Lead developer made an important announcement about the SHIB burn mechanism
Koinfinans.com As we reported, Shytoshi Kusama, the lead developer of Shiba Inu and possibly SHIB’s main representative in the media space, announced in a series of tweets today that there are significant developments ahead of all ecosystem projects.
The developer specifically mentioned Shiba Eternity and token burns in the same context, Kusama’s statement is thought to mean SHIB burning through in-game mechanics.
Addressing the community, the Shiba Inu representative promised to provide updates on the Shibarium soon, among other developments.
#SHIBARMY… there will be burns from the game period. Upcoming details will explain why #ShibaEternity is powerful, challenging, great for Shib, Shiboshi holders, and Shibarium once the blockchain version is released. The real question is where will you be on #downloadday ? pic.twitter.com/duUBent2oH
— Shytoshi Kusama™ (@ShytoshiKusama) September 17, 2022
To be frank, it is not yet clear whether the SHIB burning mechanism will be implemented in Shiba Eternity, as the developer used very menacing language in his tweet and may have implied that those who doubted the project’s success would be burned. In any case, it’s true that new updates will be announced. Give us some time and you’ll see for yourself, commented the Shiba Inu representative.
Shiba Inu (SHIB) burns
The issue of SHIB burning has always been one of the most pressing issues on the Shiba Inu community’s agenda. Although more than 40 percent of the total supply of 1 quadrillion SHIBs has been burned to date, the process is slower than investors expected.
According to data from the Crypt Eye portal, around 11 billion SHIB have been burned in the last three months, which amounts to $128,000 in fiat money. The average weekly burn rate at current capacity has dropped to just under 1 billion SHIB and the community is not happy about this.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.