4.3 Trillion Dormant SHIB Go to Coinbase as Key Shiba Inu Metric Soars 2,814%

By U_Today
5 days ago
Cover image via U.Today

Analytics X account @OnchainDataNerd has spotted several large crypto transactions, which have moved cumulatively more than four trillion SHIB to major U.S. exchange Coinbase.

In total, the amount of SHIB transferred to Coinbase is evaluated at close to $100 million in fiat.

Trillions of SHIB transferred to Coinbase

The above-mentioned data source reported that 10 wallets moved an astounding 4.29 trillion SHIB to the largest U.S.-based crypto trading platform. The report specified that the SHIB that went to Coinbase was bought in two periods, three years apart from each other.

The first accumulation period was in September 2021, and the second one was in March this year. The owners bought these trillions of coins at $0.00001309 on average. Therefore, if the sale indeed takes place at the current SHIB price, their profit will constitute approximately $41.22 million.

5 hour ago, 10 wallets deposited 4.29T $SHIB (~$97.33M) to #Coinbase10 above wallets have the same movements:✅Those $SHIB were accumulated in 2 different times: Sept 2021 and March 2024✅The avg entry is $0.00001309 👉 the profit will be $41.22M if sold all at current price pic.twitter.com/CYsMhYkgfc

— The Data Nerd (@OnchainDataNerd) June 11, 2024

As reported by U.Today, on Monday, a major SHIB transaction was made from the Robinhood exchange as 600 billion Shiba Inu were sent to an anonymous blockchain wallet. Ultimately, however, it proved to be an internal transaction, as Robinhood reshuffled its SHIB holdings.

SHIB burns soar to four-digit value

Shibburn tracking platform spread the word earlier today about a major SHIB metric – the burn rate – soaring by a whopping 2,814%, with 7,912,338 SHIB meme coins transferred to unspendable blockchain wallets. This substantial burn took place over the last 24 hours thanks to the efforts of the SHIB community.

By now, the burn rate has dropped to 266.94% since not a single SHIB burn has taken place within the last nine hours.

At the time of this writing, SHIB is changing hands at $0.00002175 after demonstrating a decline of more than 7% in the past 24 hours.

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