Mammoth SHIB Transfer Shakes the Ecosystem as the Token Rebounds After a Steep Decline

The Shiba Inu ecosystem buzzed with excitement after a colossal 4 trillion SHIB transaction worth $99 million hit the blockchain.

A colossal 4 trillion SHIB transaction, valued at $99 million at the time of execution, has sent shockwaves through the Shiba Inu ecosystem. This dramatic move also coincides with a rare Golden Cross formation, contributing to a 6% upward trajectory for the token.

Meanwhile, the Shiba Inu burn rate has skyrocketed by an impressive 114%, removing 16,183,813 SHIB from circulation.

Mammoth Transfer Hits the Blockchain

A large sum of Shiba Inu (SHIB), the second largest meme cryptocurrency, has been detected by the blockchain monitoring website Whale Alert. The platform watches for significant cryptocurrency transfers and shares the facts with the crypto community on the X platform.

With just one transaction picked up by this crypto tracker, a couple trillion SHIB meme coins were shoveled.

According to details provided by Etherscan, a massive quantity of 4 trillion Shiba Inu, valued at $99,005,333 at the time of the transaction, was transferred from an anonymous blockchain wallet to another, similarly anonymous, crypto wallet. This information is based on the aforementioned blockchain data source.

It appeared that this astonishing transfer impressed the SHIB community. Comments on X started rolling in, with phrases like "That's a massive SHIB move!" and "Big move causing ripples in the crypto sea." The cryptocurrency industry never lets us relax, etc.

SHIB Price Rebounds After Steep Decline

The famous joke cryptocurrency's price turned bullish today, increasing 6.28 percent. After SHIB saw a 23.11% decline since Tuesday, this price boost was a welcome relief.

On that day, the meme coin soared from $0.00001904 to $0.00002966, a local high, a 55% increase since November 9. As of the time of writing, the SHIB token is worth $0.00002412.

This week, SHIB created an unusual pattern called the Golden Cross. It is created when the 200-day and 50-day moving averages overlap. If this pattern persists, it usually means that the asset's price will continue to rise significantly. On the other hand, SHIB had a precipitous 16% decline this time around.

SHIB Burn Rate Skyrockets by 114%

Per U.Today, the burn rate of the famous meme cryptocurrency SHIB has climbed by a whopping 114.47% in the past 24 hours, according to a major tracker of the statistic. The removal of 16,183,813 SHIB from circulation by the SHIB community made this increase feasible.

This 16.1 million SHIB were sent to an address that cannot be spent on the blockchain because there was only one burn transaction today. There are currently 583,737,687,171,832 SHIB circulating on the cryptocurrency market, and the community has burned a total of 410,737,797,662,375 SHIB since the coin's launch.