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‘Dogecoin Killer’ Shiba Inu Witnesses Record Withdrawal: 8 Trillion Tokens Exit Exchanges Since November – Corner Growth Acquisition (NASDAQ:TRON)



Meme-based cryptocurrency Shiba Inu SHIB/USD has witnessed a massive withdrawal of 8 trillion tokens from exchanges since November.

What Happened: The self-proclaimed ‘Dogecoin DOGE/USD Killer’ has seen a major spike in whale activity, according to IntoTheBlock data.

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.

Amongst the whales who have been accumulating Shiba Inu is Justin Sun, founder of Tron TRON/USD.

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





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