During an ongoing accumulation of the meme-inspired cryptocurrency, an Ethereum whale has scooped up over 271 billion Shiba Inu ($SHIB) tokens. The whale paid slightly more than $6 million for its tokens.
The 208th largest whale on the Ethereum network, according to whale monitoring firm WhaleStats, bought the tokens shortly after it was reported Shiba’s burn rate increased by nearly 6,700%.
The burn rate of the meme-inspired cryptocurrency increased after over 745 million tokens were burned in just 24 hours. SHIB burns have become a hot topic in recent weeks, following the announcement by the cryptocurrency’s developers of the introduction of a token burning portal to assist the cryptocurrency community in burning tokens in an effort to lower its circulating supply.
Ethereum whales have reportedly been amassing the meme-inspired cryptocurrency. Another whale invested $1 million this month to purchase 49.6 billion SHIB, while another whale purchased 58.9 billion SHIB earlier this year for $1.9 million at the time of purchase.
Whales have been piling up to the point where the meme-inspired cryptocurrency has surpassed the FTX exchange’s native token, $FTT, as the second-largest holding ETH whales have in their portfolios.
Tell us what you think about why these Whales buy such a big amount of $SHIB by commenting below!
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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