Coinbase, a major cryptocurrency exchange, is stunned by 1.6 trillion Shiba Inu (SHIB). What's happening?

Coinbase, a major cryptocurrency exchange, is stunned by 1.6 trillion Shiba Inu (SHIB). What's happening?

A staggering 1.6 trillion Shiba Inu (SHIB) tokens have recently been moved to Coinbase, a significant cryptocurrency exchange in the United States, in enormous transactions. Whale Alert, a blockchain data tracker, claims that this significant shift was caused by three key transactions.

Three distinct transactions are reported by Whale Alert, wherein "558,613,706,983 SHIB worth $10,419,449 were transferred from an unknown wallet to Coinbase."

With 1.674 trillion SHIB in total transactions, these transactions demonstrate the substantial activity of large Shiba Inu owners, or "whales."

🚨 558,613,706,983 #SHIB (10,419,449 USD) transferred from unknown wallet to #Coinbasehttps://t.co/Z5fo2qYCRY

— Whale Alert (@whale_alert) November 8, 2024

The fact that so many SHIB tokens were transferred to Coinbase may point to a number of possible outcomes. These whales may be getting ready to sell their assets, for example. Tokens may be moved to exchanges for a variety of reasons, including trading, staking, and selling.

As an alternative, the transfer might be a simple reorganization by Coinbase or a move by a major holder to benefit from Coinbase's trading and liquidity services. However, the precise cause of the change is still unknown.

The SHIB community is keeping a careful eye on the 1.6 trillion SHIB that landed on Coinbase, but its fate is yet unknown.

The burn rate of Shiba Inus increases by 1,323%.

34,912,694 Shiba Inu (SHIB) tokens have been permanently removed from circulation as a result of the astounding 1,323% increase in the burn rate over the last day.

The Shibburn website reports that 34,912,694 SHIB tokens have been burned in the last 24 hours.

The SHIB community is excited about this notable increase in the burn rate since it supports continued efforts to decrease the token's supply while also raising its prospective scarcity and value.

As of this writing, SHIB was up 10% per week and 1% over the previous day, trading at $0.00001916.