Recently, a major whale on the Ethereum chain, identified as BlueWhale0073 by the WhaleStats wallet tracker, made a large purchase of almost 100 billion Shiba Inu tokens. The whale is ranked 254th by WhaleStats, with a mostly USDT, USDC and COMP token portfolio. The purchase was made for the total of $1,058,515 USD. This news has sparked interest in the decentralized meme asset, and since then, the SHIB army has been actively burning SHIB, propelling the burn rate to nearly 1,000%.

On Monday, the token experienced a nearly 5% drop, followed by a 2.28% increase and is currently being exchange at the rate of $0.00001052 on the Binance platform. Along with this, Shiba Inu's burn rate has risen hugely, with the Shibburn platform reporting a 719% increase in the amount of SHIB locked up in unspendable wallets in the past 24 hours. Per the website, 13,198,386 SHIB have been burned this way.

WhaleStats also shows that Shiba Inu is the most traded cryptocurrency and the largest asset by USD equivalent for the 100 largest wallet owners on the Ethereum chain. These whales are reportedly holding slightly less than 12% of their combined portfolio, or $601 million worth of SHIB, as of press time. It is likely that such a high-value token purchase has contributed to this.

It is likely that such a high-value token purchase has triggered the Shiba Inu Army to take action and burn SHIB tokens. In recent times, the burn rate of the token spiked to 2,000%, and the pace of burning remained high even with the recent purchase. The whale purchase, which is the major crypto-related news in recent times, has in effect impacted the rate of burning SHIB tokens.



Other News from Today