Shiba Inu, often known as Dogecoin's main competitor, once again created speculation in the crypto market on Friday, as the token recorded a significant whale activity recently. Most attention-grabbing is the transfer activity that took place today and this happened during the drop in price recorded by the token.
In addition to the price drop recorded by the token, the Shiba crypto community is also working to improve the economy of the SHIB token. The community witnessed an incredible burning episode, with approximately 13 million tokens burned.
Based on the data stated by Whale Alert, the SHIB token registered a significant whale migration today, December 29. Further, according to the data, a total of 4.25 trillion SHIB moved between two unknown wallets.
According to on-chain metrics, an unknown wallet, 0x72c3f4fc…fa8d75d719, recorded the transfer of the amount to another wallet, 0xe28310e2…1affaa372c. Furthermore, the amount of tokens transferred between the two reached $44.90 million, fueling further speculation.
Meanwhile, in the middle of the activities of the whales group, this token also witnessed a burning phenomenon. Based on data provided by Shibburn, the Shiba crypto community burned a total of 13.14 million tokens today, December 29. Following the token transfer, SHIB's burn rate jumped by 22.43% at the time of writing.
Shiba Inu price showed a slight decrease of 0.9% in the last 24 hours and is currently trading at $0.00001063. Furthermore, this downward momentum was also accompanied by a decrease in market capitalization of 1.61%, reaching $6.27 billion.
