Staggering amount of Dogecoin (DOGE) transferred after price went down sharply; over 8M Shiba Inu burnt
According to Whale Alert, a staggering sum of Dogecoin was transferred from one anonymous wallet to another, implying a purchase. Dogecoin supporters commended the transaction in the comments for taking less than an hour and costing only $0.0031.
This transfer of 350,000,000 DOGE occurred eight hours ago when the price of the leading meme token fell by slightly less than 2%. At the time of the transaction, this number of meme tokens was worth $26,581,455.
🚨 🚨 350,000,000 #DOGE (26,581,455 USD) transferred from unknown wallet to unknown wallethttps://t.co/unjyXArl87
— Whale Alert (@whale_alert) March 29, 2023
The @DogeWhaleAlert DOGE transaction tracker identified this transfer as one between the top 20 wallets.
According to the aforementioned DOGE transfer tracker, 34,285,849 Dogecoin were sent to the Binance wallet 11 hours ago, with the likely purpose of selling this meme token chunk.
This occurred while many traders withdrew their crypto holdings from this big exchange, slammed with a Commodities Futures Trading Commission (CFTC) complaint on Monday. Withdrawals on Binance escalated after the lawsuit was filed, and they surpassed the $2 billion milestone at the start of the week.
Steady Shiba Inu token burn connotes subtle growth even with slipping prices
As the price of the meme coin falls, there is a little but continuous increase in the total amount of Shiba Inu (SHIB) burned. According to Shibburn data, more than 8 million SHIB tokens have been burned in the last 24 hours, representing a 0.78% increase. But now, the number is down to only 5.2 billion.
The increase in the total amount of SHIB burned confirms that on-chain transactions remain consistent, even though they can be considered slow, given the low growth rate. Shiba Inu went on a rampage for the better part of a week. Scam activities were so daily due to the meme coin’s popularity that the protocol had to warn its community members about it.
After the gains were made, the price made a minor correction and is currently trading at $0.00001062, down 1.72% in the last 24 hours to offset some of the gains made throughout the week.
Shiba Inu has maintained its position as the second largest meme coin behind Dogecoin (DOGE), and it continues to serve as a significant model for a slew of new tokens.
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