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Shiba Inu Transfers and Burns: $100 Million SHIB to Coinbase

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Shiba Inu Adoption Spreads: Real-World Applications Expanding

In a significant movement within the cryptocurrency market, ten wallets transferred 4.3 trillion Shiba Inu (SHIB) tokens, valued at nearly $100 million in fiat, to Coinbase. According to reports, ten wallets were responsible for moving an astonishing 4.29 trillion SHIB to the largest U.S.-based crypto trading platform. This substantial transfer underscores a growing trend in the SHIB community.

The investors accumulated the SHIB tokens moved to Coinbase during two distinct periods, separated by three years. The initial accumulation occurred in September 2021, followed by a second buying phase in March of this year. These investors acquired the trillions of SHIB coins at an average price of $0.00001309. Consequently, if these tokens are sold at the current SHIB price, the owners stand to gain an estimated profit of approximately $41.22 million.

Related article: Shiba Inu: Coinbase and Robinhood Move 9.6 Trillion SHIB

Internal Transaction At Robinhood

Earlier this week, the Robinhood exchange executed a major transaction involving Shiba Inu tokens, sending 600 billion SHIB to an anonymous blockchain wallet. Initially, this movement sparked speculation. However, it was later confirmed to be an internal transaction as Robinhood reshuffled its SHIB holdings. This internal transfer indicates the platform’s strategy to manage its cryptocurrency reserves efficiently.

Related article: Whale Injects $13 Million into SHIB, But Will Shiba Inu Rise?

Simultaneously, the Shibburn tracking platform reported a dramatic increase in the SHIB burn rate. Over the past 24 hours, the burn rate soared by a staggering 2,814%, with 7,912,338 SHIB tokens transferred to unspendable blockchain wallets. This impressive burn rate highlights the SHIB community’s commitment to reducing the circulating supply of the meme coin.

Recent Burn Rate Decline

However, the burn rate experienced a decline, dropping to 266.94%, as no additional SHIB burns have occurred in the last nine hours. Despite this decrease, the overall impact of the burn remains substantial. At the time of writing, SHIB is trading at $0.00002175, reflecting a decline of more than 7% in the past 24 hours.

These developments within the SHIB ecosystem illustrate significant market dynamics and the active engagement of its community. The massive transfer to Coinbase, with the notable burn rate, underscores the ongoing efforts to manage and influence SHIB’s value

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