Shiba Inu has not exactly been impressive in the past week. Nevertheless, Ethereum whales are hardly deterred by the underperformance of the memecoin, and they continue to increase their holding of the cryptocurrency.
BlueWhale0073 has added to its wallet by purchasing over 147.8 billion Shiba Inu.
BlueWhale0073 Purchases Shiba Inu Tokens
According to WhaleStats, a crypto data tracker, BlueWhale0073 paid $1.56 million to purchase the dog-themed cryptocurrency a few hours ago with a transaction fee of $2.
“ETH whale “BlueWhale0073” just bought 147,846,134,326 $shib ($1,562,733 USD),” WhaleStats stated.
WhaleStats also added that BlueWhale0073 is the 312 most enormous Ethereum whale in its rankings.
More on BlueWhale0073 SHIB Accumulation
This transaction is not the first for the Ethereum Whale, as BlueWhale0073 is among the top wallets engaged in the massive accumulation of Shiba Inu.
The whale has been taking advantage of the token’s price dip to increase its holdings in the asset class.
Shiba Inu Burns Rises
SHIB is currently trading around $0.00001067, up 3.5% in the last 24 hours. The cryptocurrency is down 68.2% Year-to-Date (YTD), which has prompted members of the Shiba Inu community to engage in ways to boost the token’s value.
The community’s efforts to increase Shiba Inu’s value have led to the ongoing official burn program.
Since the initiative launched this year, trillions of SHIB have been removed from circulation with the community, hoping that it would get back the cryptocurrency’s price to its high standards.
Despite burning over 410 trillion units of Shiba Inu from the circulating supply, the community is still interested in burning more tokens.
In a recent development, over 508.8 million SHIBs were burnt in 15 transactions in the last 24 hours, thus bringing the total of burnt tokens to 410.3 trillion.