Amidst Shiba Inu’s dull price action, an unknown ETH whale bought an eye-popping 3.7 trillion SHIB tokens which are worth roughly $90 million. Based on data shared by Whale Stats, the large holder is ranked 216 on its platform.
Ethereum whales are gobbling the popular meme coins like never before. Over 300 billion SHIB tokens worth more than $7 million were purchased by two such large holders just a few days ago.
According to WhaleStats data 4 days back, the 15th largest Ethereum whale, holding over 4 trillion SHIB tokens, bought 50 billion SHIB netting nearly $1.1million at the time of purchase. The next day another such giant player bought 271 billion of the canine tokens benefitting around $6 million.
Data further reveals that the purchase was made shortly after Shiba’s burn rate exploded by more than 6,700%. Over half a billion Shiba Inu was destroyed, while almost 33 million of the coins have been incinerated in a span of 24 hours as part of the community’s efforts to increase the value.
Will this drive Shiba Inu’s price to newer heights?
As per data provided by the @shibburn service that monitors Shiba Inu burn transactions on Etherscan, the burned meme coins have been sent to dead-end wallets. The website of the Shibburn service showed since 17 March, a staggering 600,729,245 canine coins have been sent to several “inferno” crypto addresses, from where no one can spend or withdraw them. It took the participants five transactions to complete the action.
This monumental sum in SHIB tokens was removed from circulation by Travis Johnson’s SHIB burn games Twitter account on Thursday, March 17. That was a scheduled token burn, and the destroyed tokens were valued at $13,356. Two days before, a much smaller amount of SHIB was burnt, little more than 37 million Shiba Inu.
That said, supporters of the meme coin are anticipating a huge turnaround in the token’s price action. One such source belonging to the community noted,
The possibilities of Shibarium coming out seem to be coming closer as though no exact time frame has been given, more talk about Shib, Shiberse and Shibarium have been coming out. This could indicate a massive upward surge coming in the next couple of months for this cryptocurrency.