177 Million SHIB Gone in Flames as Shiba Inu Recovers After 40% Drop

According to the data shared by the blockchain tracking platform Shibburn, since last morning the Shiba Inu community has managed to dispose of over 177 million $SHIB meme coins. It happened while the second major meme-inspired cryptocurrency $SHIB collapsed by 40% and then staged a substantial recovery earlier today.

Meanwhile, in the wake of recent $SHIB price trajectories, whale activity has increased drastically as trillions of $SHIB have been moved by large holders.

177 million $SHIB burned

Shibburn spreads the word about a significant amount of meme coins transferred to unspendable blockchain wallets within the past 24 hours. Overall, an impressive 177,011,055 million $SHIB was sent to the “virtual furnace.”

More than half of this amount was destroyed in a single transaction when 100,500,000 $SHIB was sent to a dead-end wallet. The second-largest transfer in this chain of burns contained 39,535,388 $SHIB with the third-biggest one carrying 10,000,000 $SHIB. Those were three consecutive burns but conducted by three different wallets. These burn transactions have pushed the total daily burn rate of $SHIB to 55.74% so far.

On the previous day, March 5, a slightly smaller amount of $SHIB meme coins was transferred to dead blockchain wallets – 129,984,286 Shiba Inu. Overall, within the past week, the $SHIB army did a good job of moving 464,815,936 $SHIB meme coins to dead wallets with the weekly burn rate rising by almost 60%.

Close to 2 trillion $SHIB on the move

As reported by the popular tracking platform Whale Alert, which traces down large cryptocurrency transfer and shared details of them on Twitter/X, over the past 24 hours three overwhelming transactions in $SHIB have been made.

Two of them were initiated by Wintermute, a major algorithmic trading firm focused on cryptocurrency assets, to the Binance exchange - 167,809,919,988 $SHIB worth $5,286,935 and 183,073,161,874 $SHIB evaluated at $5,550,168. The third, and the largest transaction of all the three, was made between two anonymous digital wallets and it carried a mind-blowing 1,450,254,597,018 $SHIB.

In these three moves, 1,801,137,678,880 Shiba Inu were transferred in total, per the aforementioned blockchain data source.

All of this happened after $SHIB collapsed by 40% and then regained as much as 48% in a staggering price movement.