29 Billion SHIB Transferred to and From Major Exchanges in Past Hour

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According to data shared by Arkham Intelligence, over the last 60 minutes, cryptocurrency whales have shoveled tens of billions of Shiba Inu meme tokens, moving them to and from various crypto trading venues.

Six massive transactions have been spotted by the analytics platform, each of them carrying at least one billion SHIB, while the largest one moved 10 billion Shiba Inu.

Among these transfers, one billion SHIB were withdrawn from the Binance exchange, two and a half billion SHIB were moved from KuCoin and deposited to Kraken and 10 billion SHIB were withdrawn from OKX and deposited to Kraken via the Wintermute market maker.

Data from various sources shows that whales’ activity has increased recently as the launch of the Shibarium Layer 2 blockchain is to take place in less than a week from now – during the Blockchain Futurist Conference on Aug. 15 and 16.

Over 70 million SHIB get burned

Data shared by the Shibburn explorer shows that over the past 24 hours, a total of 70,823,324 Shiba Inu meme tokens have been transferred to unspendable wallets and locked there for good.

Thus, the SHIB burn rate has slightly increased compared to the previous day; now it constitutes 12.79%.

The three largest SHIB chunks that have been burned within this period are 70,823,324 SHIB; 12,750,062 SHIB and 11,625,370 Shiba Inu.

The goal of burning tokens is to reduce the circulating supply to the degree that a token becomes scarce enough to rise in value. So far, around half of the one quadrillion SHIB emittance has been locked in dead-end wallets. However, it has not had any particular impact on the price of this popular meme cryptocurrency.