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Popular cryptocurrency trader and analyst Ali Martinez has published data which shows that whales have transferred an astonishing amount of popular meme coin SHIB to crypto trading platforms.

Whales move trillions of SHIB to sell

According to the chart shared by the analyst, between May 14 and May 29, the overall supply of Shiba Inu on cryptocurrency exchanges increased from approximately 144 trillion to more than 147.5 trillion coins.

This means that more than four trillion SHIB was transacted to crypto exchanges. That is the equivalent of roughly $103 million.

May 29 was the day when the Shiba Inu price skyrocketed to the $0.000029 peak – a surge of 21% within just a few days. This price spike was followed by a 12.16% decrease after that likely caused by the massive sell. At the time of this writing, the second most popular meme-inspired cryptocurrency SHIB is changing hands at $0.00002584.

This price pullback came in two falls. The first one took SHIB down by 8.8% with a further attempt to rebound. Then, however, happened the second price crash, which pushed the SHIB price 10.10% down.

SHIB burns soar 347%, millions of coins scorched

Shibburn platform that tracks Shiba Inu burn transactions has revealed that since last morning, the SHIB community has managed to remove a large number of meme coins from the overall circulation in the market.

In total, 9,846,020 SHIB has been driven to the dead-end blockchain addresses in thirteen transactions. The three largest burn transfers carried 2,915,754, 2,000,000, and 1,500,000 Shiba Inu meme coins.

Three years since Vitalik Buterin burned 410 trillion SHIB

May of 2024 marks a three-year anniversary of the significant SHIB burn conducted by Ethereum cofounder and frontman Vitalik Buterin in 2021. Back then, less than a year after the initial release of SHIB to the market, the meme coin’s mysterious founder Ryoshi gifted half of the quadrillion SHIB supply to Vitalik.

What Buterin then did surprised the SHIB community – since he did not believe in the coin’s future, he burned most of the gifted coins – 410 trillion of them. He sent the remaining 90 trillion to an India-based crypto charity that helped to fight the consequences of the pandemic in the vastly-populated country.