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Meme-based cryptocurrency Shiba Inu (CRYPTO: SHIB) has witnessed a massive withdrawal of 8 trillion tokens from exchanges since November.
What Happened: The self-proclaimed ‘Dogecoin (CRYPTO: DOGE) Killer’ has seen a major spike in whale activity, according to IntoTheBlock data.
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The 8 trillion tokens that have been moved out of known exchanges since November are worth $88 million.
While both retail and large-scale investors have been undertaking major transactions, the volume of large transactions has shown a much bigger spike.
See Also: Dogecoin Co-Founder Calls SEC Chair Gary Gensler ‘Useless In Every Single Way’: ‘Never Laid Out Any Actual Rules’
According to data, while transactions between $0.00 and $1.00 grew by 25.71% over the past 30 days, transactions above $1 million witnessed a 150% increase.
The largest transaction in this period amounted to $158.1 million, totaling 15.34 trillion Shiba Inu tokens.
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Amongst the whales who have been accumulating Shiba Inu is Justin Sun, founder of Tron (CRYPTO: TRON).
There was another major transaction, likely by a single investor, showing a purchase of 850 billion SHIB. This is worth $7.5 million.
Why It Matters: These major investments in Shiba Inu point to a positive change in investor behavior toward the ‘Dogecoin killer.’
Further, the SHIB burn rate has also been skyrocketing – the token witnessed a massive burn of over 17 billion tokens this week alone.
This significant increase in the burn rate comes at a time when Shiba Inu announced a partnership with domain company D3 Global, aimed at acquiring the .shib domain.
Price Action: At the time of writing, SHIB was trading at $0.00001089, down 1.98% in the last 24 hours, according to Benzinga Pro.
See Also: Bitcoin Correction On Cards? Crypto Expert Warns Potential ETF Approval Could Lead To ‘Sell The News’ Event
Image via CryptoFX on Shutterstock
“Finish 2023 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to end 2023 strong with 12 hot stock ideas every single month. ACT FAST.
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