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Massive Shiba Inu Whale Moves over 4 Trillion $SHIB as Token Burns Rise

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A massive Shiba Inu ($SHIB) whale has moved over 4.4 trillion tokens of the meme-inspired cryptocurrency to a wallet whose ownership hasn’t yet been identified, with the transaction being worth more than $35 million.

The Shiba Inu whale’s transaction was first spotted by whale monitoring service Whale Alert, which noted on the microblogging platform X (formerly known as Twitter) that the funds were being moved between two unknown wallets.

The transaction comes shortly after the burn rate of the meme-inspired cryptocurrency  surged to a whopping 14,380% over a 24-hour period after the lead of the project’s marketing team unveiled an ambitious strategy for 2024 and 2025.

In a tweet, Lucie noted that the project’s layer-2 scaling solution Shibarium is set to spread decision making across the community, with all tokens set to “have a say” in the protocol.

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Lucie also noted that the project is looking to “avoid the risk of a few dominating the decisions” by involving all tokens in voting, while also encouraging active voting participation. The project’s plans also include fair and transparent governance and paving “the way for long-term, sustainable growth through collective decision-making and active participation.”

While it’s unclear whether the protocol’s marketing plan affected the meme-inspired cryptocurrency’s burn rate, according to Shibburn a total of five transactions led to the destruction of 173 million SHIB tokens in a day.

The cryptocurrency’s community burns token by moving them to addresses that no one controls – so-called dead addresses – to remove them from circulation and effectively reducing its available supply on the market. If met with stronger demand, the price could theoretically rise as a result.

Some analysts believe that Shiba Inu’s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB’s utility to grow.

Featured image via Unsplash.

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