The latest trends on the market pushed the prices in the accumulation phase, and many whales are buying in. One Ethereum whale has scooped up 271 billion Shiba Inu tokens, meaning they spent a little over $6 million.
Whale Bought the Tokens Right After Shiba’s Burn Rate Jumped
Shiba’s burn rate has recently jumped over 6,700%, and that could be one thing that triggered the whale to purchase the tokens. According to a whale monitoring service, WhaleStats, this whale is the 208th largest whale on the Ethereum network.
SHIB token has been a hot topic in the last few weeks since the team of developers launched a burning portal that’s set to reduce the circulating supply of Shiba Inu tokens. This led to the increased burn rate, where over 745 million tokens were burned in just 24 hours.
What’s more, this is not the only whale that decided to invest in Shiba Inu. Others have been accumulating SHIB in recent months, purchasing billions of tokens at once. At one point, the meme cryptocurrency even surpassed the native token of FTX exchange, which is the second-largest holding in the portfolio of ETH whales.
Shibarmy is also eagerly awaiting the launch of Shibarium, a layer-two network built on Ethereum blockchain that’s supposed to support the Shiba Inu ecosystem.