Benzinga - Ethereum-based altcoin, Shiba Inu (CRYPTO: SHIB) emerged as a unique memecoin and alternative to Dogecoin. With high burn rates, significant whale holdings, and high daily transactions, the token is likely to see movement in its price.
What Happened: Based on data from Whale Alert, 4.2 trillion SHIB (worth $40.8 million) was transferred from one unknown wallet to another unknown wallet on Monday.
4,193,953,460,450 #SHIB (40,823,942 USD) transferred from unknown wallet to unknown wallethttps://t.co/ZBibgHTqpEMeanwhile, SHIB-focused X user, SHIB Bezos posted on Monday, “Shiba Inu Lead Developer Says He Will Soon Make a Game-Changing Announcement.” Earlier, Crypto Basic reported that Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, in a Telegram message, stated that the team was preparing to make a “game-changing announcement.”— Whale Alert (@whale_alert) December 11, 2023
Also Read: 'Dogecoin Killer' Shiba Inu Token Burn Rate Skyrockets 800% As 10M SHIB Removed In A Single Day
Why Does It Matter: Last week, the Shiba Inu team confirmed that the Shibarium layer-2 network will commence the automated burning of SHIB tokens in January 2024.
Shibarium, meanwhile, recorded 7.84 million in daily transactions on Monday, compared to 6.74 million on Friday. In four months after its mainnet launch, the platform has processed 93.6 million transactions. It reports 2.08 million total blocks mined, while the number of wallets stands at 1.3 million.
Price Action: Shiba Inu is currently the 16th largest crypto based on market cap, the token is up 1.5% in the past 24 hours.
Read Next: Solana's Own Meme Coin, Up 5700% This Year, Is 'Heading Into A Correction Period:' Crypto Analyst
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