Analytics X account @OnchainDataNerd has identified significant crypto transactions involving Shiba Inu (SHIB), with more than four trillion SHIB tokens being transferred to Coinbase, the largest U.S.-based crypto trading platform. These transfers, cumulatively worth nearly $100 million in fiat, highlight notable activity in the SHIB ecosystem.

According to data from @OnchainDataNerd, ten wallets moved a staggering 4.29 trillion SHIB tokens to Coinbase. These tokens were accumulated during two distinct periods: September 2021 and March 2023. The average purchase price was $0.00001309 per SHIB, and if the tokens are sold at the current price, the profit could be approximately $41.22 million.

Recently, a major transaction involving 600 billion SHIB was observed, moving from Robinhood to an anonymous blockchain wallet. This transaction turned out to be an internal reshuffling of Robinhood's SHIB holdings.

The Shibburn tracking platform reported a dramatic increase in the SHIB burn rate, soaring by 2,814%. This translates to 7,912,338 SHIB coins being transferred to unspendable blockchain wallets within the past 24 hours. Despite this significant burn, the rate has since dropped to 266.94%, with no burns recorded in the last nine hours.

At the time of writing, SHIB is trading at $0.00002175, having experienced a decline of more than 7% in the past 24 hours. This fluctuation in price comes amid heightened activity and substantial token movements within the SHIB community.

The transfer of 4.3 trillion SHIB to Coinbase and the subsequent rise in the burn rate reflect significant developments within the Shiba Inu ecosystem. These activities underscore the dynamic nature of SHIB trading and the potential for substantial market movements influenced by both large-scale transactions and community-driven efforts.