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Significant Accumulations Propel SHIB to Its Highest Level in Two Years

Shibburn, a SHIB transaction tracker, has recently highlighted a substantial surge in the burning rate of SHIB tokens since yesterday morning. Simultaneously, the source announced the destruction of a considerable amount of SHIB over the past month.

Burn Rate Surges by 887%: 643 Million SHIB Burned in February

Shibburn reported that, in the last 24 hours, cumulative efforts from the SHIB community led to the destruction of 37,104,438 SHIB tokens, resulting in an 887.07% increase in the burn rate. The most significant burn transaction occurred approximately nine hours ago, involving the transfer of 21,540,898 SHIB to a crypto wallet with an immutable end. The second-largest burn, involving 9,740,615 SHIB, took place 16 hours ago. Three other significant transfers involved 2,154,873 SHIB, 1,000,000 SHIB, and 1,802,613 SHIB, with the last one occurring less than an hour ago. These transfers were directed to blockchain addresses deemed non-spendable, according to data provided by Shibburn.

Large Accumulations Propel SHIB to Highest Levels in Two Years

Over the past 24 hours, Shiba Inu has exhibited a remarkable 70% increase in volume, reaching its highest level at $0.00002250, not witnessed since April 2022. According to data from Spot On Chain analytics, three major SHIB buy transactions significantly contributed to the mentioned price surge.

Profitable Moves: A Smart Whale’s Purchase and a Founder’s Acquisition

In the days preceding the price surge, a prominent figure on Binance offloaded 75.91 billion SHIB for $1.51 million and subsequently withdrew the funds, securing current profits of $614,000 (69%). Another significant purchase was made by Maker DAO founder, @RuneKek, acquiring an astounding 7.41 billion SHIB for $100,000. The third major purchase was executed by a blockchain wallet linked to UPbit exchange, amassing 2.13 trillion SHIB in the last 24 hours. As of the writing of this article, this wallet stands as the seventh-largest SHIB address, holding 12.45 trillion Shiba Inu valued at $247 million.

Important Notice: Disclaimer Regarding Financial Advice
The information presented in this article is intended solely for informational purposes and should not be considered as financial advice. disclaims any responsibility for investment decisions made by individuals relying on the information provided herein. It is highly recommended to consult with a qualified professional or financial advisor before making any investment decisions. Your financial well-being is crucial, and seeking expert guidance ensures that your investment choices align with your individual financial goals and risk tolerance.

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