Whale Buys Billions Of Shiba Inu (SHIB), Burn Rate Jumps 700%

    A top whale purchased billions of Shiba Inu (SHIB) tokens on Friday. The move came amid the massive increase in the daily burn rate of SHIB tokens after the Shibarium Beta release dubbed PuppyNet.

    WhaleStats in a tweet on March 31 reported that an ETH whale named “BlueWhale0073” has purchased 99,297,904,247 SHIB worth $1.05 million. The whale is ranked 254 on WhaleStats, with major holdings in stablecoins, Compound, AAVE, Chainlink, Shiba Inu, MATIC, and Sanin Inu.

    Etherscan data reveals the whale holds 65,829,862,154 SHIB tokens. It’s the second-largest holding after ETH holdings of 10,159 worth over $18 million. The whale “BlueWhale0073” also purchased 985,593 MATIC tokens worth $1.08 million.

    Whales continued buying SHIB tokens in huge quantities after the Shibarium Beta release this month. The SHIB burn rate has increased as every transaction on Shibarium burns SHIB, with developers claiming to burn 100 trillion SHIB each year.

    SHIB burn rate increased by 719% in the last 24 hours, according to Shibburn portal. The community burned 8,209,953 SHIB tokens in 6 transactions. In the last 7 days, 868 million SHIB tokens have been burned by the community.

    Shiba Inu price is trading sideways in this week, with the price currently trading at $0.00001056. The 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.

    Also Read: Ripple CEO Calls In Congress To Take Notice Of US SEC Enforcement

    Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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