Shiba Inu: Whales Burn 248.5M Tokens and Purchase $2.7M SHIB

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Just One Transaction Burns 21M Shiba Inu in 24 Hours
Just One Transaction Burns 21M Shiba Inu in 24 Hours

It is commonly known that Shiba Inu’s (SHIB) is very well appreciated by whales. Two of the biggest Shiba Inu whales spent $2.71 million on 256.98 billion SHIB tokens within the last 24 hours.

The 50th largest SHIB whale, according to the statistics on Etherscan.io, bought 125.34 billion tokens for $1.32 million. Two distinct transactions were used to make the purchase.

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                  Source: Etherscan.io

Furthermore, in a single transaction, the seventh-largest Shiba Inu whale acquired 131.63 billion SHIB tokens for $1.39 million.

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                    Source: Etherscan.io

15.44 trillion SHIB tokens, totaling $163.52 million, are now held by the whale. SHIB saw a rise in interest, but the well-known cryptocurrency with a canine theme also saw a zero added to its price. At the time of publication, SHIB’s price had subsequently recovered and dropped from the zero it had gained.

Read more: Anonymous Wallet Destroys 154 Million Shiba Inu in 24 Hours, Burning 135 Million Shiba Inu in One Go

Shiba Inu Burn Surge

Along with the whale acquisitions, SHIB also saw significant burning. SHIB’s burn rate increased to 590.44% at the time of publication. The unidentified wallet that burned 116.47 million coins is responsible for the increase in coin burns. Additionally, another 132.06 Million SHIB were also sent to the dead wallet in 14 different transactions.

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The mysterious whale contributed 61 million SHIB tokens to the burn wallet over the course of two transactions, according to Shibburn statistics.

Read: Ryoshi Vision and Shiba Inu Part Ways; Shiba Takes Full Control of the SHIB Burn Portal

Additionally, the same whale burned 54.94 million SHIB in a single transaction prior to burning the 61 million SHIB tokens. A total of 116.47 million Shiba Inu tokens have been burned by the whale wallet alone.

Therefore, it is possible to link these specific whale transactions to the rise in burn rate. The increase in demand and supply for SHIB may have contributed to the tokens’ recovery.

There has always been a lot of whale interest in SHIB. Furthermore, it has been a source of worry for many. A small number of enormous whales control a sizable percentage of the SHIB’s supply. Therefore, if these whales were to sell off their holdings, the price of SHIB would significantly fall.

SHIB was trading at $0.00001034 at the time of publication, up 6.1% over the previous day. The token is still down 7.7% over the past week, though.