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According to data shared by the Etherscan blockchain tracker, over the past few hours, anonymous whales have transferred tens of billions of Shiba Inu meme coins to large U.S.-based crypto exchanges Coinbase and Kraken.

Whales deposit 41 billion SHIB

These mysterious SHIB holders have shoveled 17,314,576,827 SHIB to a wallet marked as Coinbase 10 and 24,011,203,422 SHIB to Kraken. The fiat equivalents of these SHIB lumps are $296,079 and $410,591.

These transfers took place while, during the last 24 hours, the second-largest meme cryptocurrency Shiba Inu has demonstrated a 3% decline, dropping to the $0.00001711 price level. As SHIB continues to trade sideways this week, striving to recover the $0.00002 mark, whales have been selling their Shiba Inu stashes to prevent further monetary losses.

SHIB burn rate skyrockets

Data provided by the Shibburn tracking platform shows an impressive rise of 1,072% in the burn metric during the period of the last 24 hours.

In total, 19,761,244 SHIB have been transferred to unspendable wallets since yesterday morning. This progress has been achieved thanks to five SHIB burn transactions. The largest two transfers carried 6,942,000 SHIB each to dead-end blockchain addresses, and they were made by the same anonymous wallet five hours ago.