Shiba inu

Tens of Billions of SHIB Sent to and From Binance as Shiba Inu Price Drops Overnight

Yuri Molchan

Over past hour, whales have bought and sold nearly 30 billion SHIB on Binance trading platform

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Data kindly provided by Etherscan shows that within the past 60 minutes, owners of anonymous wallets have transferred several SHIB lumps worth nearly 30 billion meme coins in total.

Mostly, these were moved to and from the largest global trading platform by volume, Binance.

26.6 billion SHIB on the move

Ten large Shiba Inu transactions were noticed by Etherscan as they moved from 1.5 billion SHIB to 7.5 billion Shiba Inu meme coins. A total of 1.5 billion SHIB and 7.5 billion SHIB were moved from Binance to anonymous wallets after what seems to be purchases.

On the other hand, other whales sent 1.6 billion SHIB and 2 billion SHIB to Binance wallets to sell their meme cryptocurrencies. Aside from those transfers, Etherscan noticed that unknown whales also made five massive transactions, shoveling 2.9 billion, 4.3 billion, 3.9 billion, 2,9 billion and 5.4 billion among each other.

Image via Etherscan

Overall, 26.6 billion Shiba Inu coins have been transacted.

SHIB burn rate drops heavily

According to Shibburn platform, the pace at which Shiba Inu coins are being destroyed has shown a massive decline over the past 24 hours. Data from this website now shows minus 73.11%, with a total of 24,283,650 SHIB removed from circulation compared to around 90 million Shiba Inu on Monday.

Overall, there have been seven transactions made, moving SHIB to dead-end wallets. The largest chunk was 13,636,523 SHIB, burned approximately 16 hours ago, according to data shared by the aforementioned source.

However, over the past month, the Shiba Inu community managed to remove 915,371,832 SHIB from circulating supply in almost 140 transactions to dead wallets.

As of this writing, SHIB has been pushed back to 19th place on CoinMarketCap. The prominent meme coin is currently changing hands at $0.000007755, dropping around 1.4% within the last 24 hours.

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