Cryptocurrency enthusiasts have been buzzing over the recent news of a top whale named “BlueWhale0073” purchasing billions of Shiba Inu (SHIB) tokens. The purchase, worth $1.05 million, comes at a time when the SHIB burn rate has increased by a whopping 720% due to the recent Shibarium Beta release.
The whale is ranked 254 on WhaleStats and has major holdings in stablecoins, Compound, AAVE, Chainlink, Shiba Inu, MATIC, and Sanin Inu. Etherscan data reveals that the whale holds 65,829,862,154 SHIB tokens, making it the second-largest holding after ETH holdings worth over $18 million.
Whales continued buying SHIB tokens in huge quantities after the Shibarium Beta release, resulting in a significant increase in the SHIB burn rate. Every transaction on Shibarium burns SHIB, and developers claim to burn 100 trillion SHIB each year.
The SHIB burn rate increased by 719% in the last 24 hours, with the community burning 8,209,953 SHIB tokens in six transactions. In the last seven days, 868 million SHIB tokens have been burned by the community.
Despite the excitement over the whale’s purchase and the increase in SHIB burn rate, Shiba Inu’s price has been trading sideways this week. Currently, the price is at $0.00001056, with a 24-hour low and high of $0.0000104 and $0.0000106, respectively. Furthermore, trading volume has decreased by 21%, indicating a decline in interest among traders.
Meanwhile, BONE price is trading at $1.05, down 3% in the last 24 hours. The 24-hour low and high of $1.03 and $1.09, respectively.
The recent developments in the SHIB market highlight the excitement and volatility that comes with investing in cryptocurrency. While the whale’s purchase and the increase in SHIB burn rate may be a cause for optimism among investors, it’s important to remember that the market can be unpredictable.
In conclusion, the recent news of a top whale buying billions of SHIB tokens and the increase in SHIB burn rate has caused a stir in the cryptocurrency market. While the market remains volatile, investors should exercise caution and make informed decisions when investing in cryptocurrency.
