Trillions of Shiba Inu tokens have been transferred to cryptocurrency trading platforms during a period when SHIB initially surged to its recent peak and then experienced a decline in value.

Popular data from cryptocurrency trader and analyst Ali Martinez reveals that whales, large holders of SHIB, mobilized a considerable amount of the meme coin to various cryptocurrency exchanges.

From May 14 to May 29, the supply of Shiba Inu on crypto exchanges swelled from approximately 144 trillion to over 147.5 trillion coins. This surge accounted for the transfer of more than four trillion SHIB tokens to these platforms, equivalent to around $103 million.

During this period, Shiba Inu's price reached a peak of $0.000029 on May 29, marking a 21% rise within a short span. However, this surge was followed by a 12.16% decline, potentially influenced by a substantial sell-off. Currently, Shiba Inu, the second most favored meme-inspired cryptocurrency, is trading at $0.00002584.

The price correction unfolded in two stages: an 8.8% drop succeeded by a brief recovery, then a subsequent 10.10% price fall.

The Shibburn platform, a tracker of Shiba Inu burn transactions, reported a notable reduction in the circulating supply of SHIB tokens. Over thirteen transactions, the SHIB community successfully burned a total of 9,846,020 SHIB tokens, sending them to inactive blockchain addresses.

Significant burn transfers included 2,915,754, 2,000,000, and 1,500,000 Shiba Inu meme coins in separate transactions, indicating a concerted effort to reduce the overall market supply.

May 2024 marks the third anniversary of a substantial SHIB burn event initiated by Ethereum co-founder Vitalik Buterin in 2021. Back then, the mysterious SHIB founder, Ryoshi, had gifted half of the quadrillion SHIB supply to Vitalik. Buterin, uncertain about the coin's future, chose to burn 410 trillion of the received coins and donated the remaining 90 trillion to an India-based crypto charity supporting pandemic relief efforts.

This analysis provides insights into the significant transfers of Shiba Inu tokens to crypto trading platforms, the price volatility of SHIB, and the commemoration of the SHIB burn event three years ago, highlighting the community's initiatives to reduce the circulating supply of the meme coin.