Ethereum-based crypto Shiba Inu (CRYPTO: SHIB) reported significant whale movements while the community was also burning the token.

What Happened: Based on Whale Alert data, Shiba Inu witnessed a significant 4.25 trillion token shuffle between two unknown wallets. The total coins are worth $44.9 million.

In a separate development, on-chain data indicated an unknown new address received 417 billion tokens worth $4.4 million.

These whale transactions highlighted significant interest from investors in the coin despite the weekly return standing at a positive 0.9%

Shibburn data also indicated that the Shiba crypto community burned a huge 13.14 million coins today (Friday) taking the burn rate higher by a significant 17.6% in the past 24 hours. This takes the total burn to 410.7 trillion tokens.

Price Action: In the past 24 hours, Shiba Inu saw a marginal downward movement of 1.1% while the past 30-day gains stand at 27.5%. Trading volume in the past 24 hours narrowed by 12.7%.

Why It Matters: On Dec. 26, Shiba Inu marketing lead Lucie went on X to highlight there was much more to come with P2E, Shibahub, Shib the Metaverse reveals, Sheboshis and Shibaswap 2. “We will position ourselves not only to persist but to rank among the top 5 blockchains,” she said.

Based on Shibariumscan data, daily transactions stood at 7.84 million (as of Dec. 28) compared to 7.64 million as of last week (Dec. 22). This takes the total transactions to 217.2 million.

Crypto Influencer SHIB CRACK took to X and said, “#Shibarium is getting ready to burn massive $SHIB during the next 3 days.”

SHIB-focused X user SHIB Bezos took to the X platform and said, “Shytoshi Kusama Announces Plan for Global SHIB Adoption, Hold Tight”

SHIB Bezos also said Shibarium will bring significant revenues to burn SHIB.

#ETH is $2,300 #SOL $100+#SHIB just $0.00001#Ethereum gas fees so expensive#Shibarium gas fees so competitive it will be adopted by thousands of companies, developers & exchanges
Will bring Billions of Dollar in revenues to burn $SHIB
Maybe nothing
Let that sink in#SHIB 🚀🚀 pic.twitter.com/wB3I3c0qwA

— SHIB Bezos (@BezosCrypto) December 29, 2023

Photo: Pixabay