Data provided by Arkham Intelligence shows that within the last 60 minutes, cryptocurrency whales moved tens of billions of Shiba Inu meme tokens to and from different crypto trading sites.
The analytics platform has identified six significant transactions, the biggest of which moved 10 billion Shiba Inu and each carried at least one billion SHIB.
One billion SHIB was transferred from the Binance exchange, 2.5 billion SHIB was transferred from KuCoin and deposited to Kraken, and 10 billion SHIB was transferred from OKX and deposited to Kraken through the Wintermute market maker.
As the debut of the Shibarium Layer 2 blockchain is set to occur in less than a week on August 15 and 16 during the Blockchain Futurist Conference, data from a number of sources indicates that whale activity has recently intensified.
Over 70 million SHIB get burned
A total of 70,823,324 Shiba Inu meme tokens were moved to unspendable wallets over the course of the last day, according to data released by the Shibburn explorer. These tokens have been permanently frozen in those wallets.
As a result, the SHIB burn rate is currently 12.79%, somewhat higher than it was the day before.
The three greatest SHIB chunks burnt within this time frame are 11,625,370 Shiba Inus, 12,750,062 SHIBs, and 70,823,324 SHIBs.
The purpose of token burning is to lower the total supply in circulation to the point where a token is sufficiently rare to increase in value. One quadrillion SHIB emittance has so far been locked in dead-end wallets to the tune of around half. However, it has not significantly affected the cost of this well-known meme cryptocurrency.
