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SHIB Burns Soar 630% — What’s Happening?
The recent Bitcoin price curve has taken a dramatic turn, with the cryptocurrency plummeting by 17%. This sudden dip completed Shiba Inu’s (SHIB) 37.6% decline since December 12. Amidst this market volatility, an interesting phenomenon is emerging – SHIB burns are skyrocketing.
What is causing this surge in burns?
As it turns out, a whale has begun unloading their massive holdings of SHIB, which were acquired as far back as 2020. This whale had accumulated a staggering 12 trillion SHIB coins and had held them for over four years. The sell-off includes two significant transfers: one to the Gemini exchange, totaling 400 billion SHIB, and another that has not been disclosed, but is reportedly a sale of 250 billion meme coins.
Despite this massive transfer, the whale still holds onto a substantial amount of 2 trillion SHIB coins. It’s possible that these remaining funds might be used in future market manipulation or as part of a larger strategic plan to stabilize the asset price by flooding the market with supply.
This unexpected move by the whale has led to an unprecedented surge in burns, which have increased by a staggering 630%. This significant shift could signal a turning point for SHIB’s market trajectory.
Source: u.today
