Ethereum ($ETH) Whale Adds 271 Billion Shiba Inu ($SHIB) to Its Stash Amid Ongoing Accumulation

An Ethereum ($ETH) whale has scooped up over 271 billion Shiba Inu ($SHIB) tokens amid an ongoing accumulation of the meme-inspired cryptocurrency. The whale purchased its tokens for little over $6 million.

According to whale monitoring service WhaleStats, which keeps tracks of the 1,000 largest whales on the Ethereum network, the 208^th largest whale on it bought the tokens shortly after it was revealed Shiba’s burn rate jumped over 6,700%.

The meme-inspired cryptocurrency’s burn rate jumped after over 745 million tokens were burned in only 24 hours. SHIB burns have been a hot topic over the last few weeks after the team behind the cryptocurrency announced the launch of a token burning portal that is set to help the cryptocurrency’s community burn tokens in an effort to reduce its circulating supply.

Ethereum whales have notably been seemingly accumulating the meme-inspired cryptocurrency. This month, another whale invested $1 million to buy 49.6 billion SHIB, while earlier this year another whale bought 58.9 billion SHIB for $1.9 million at the time of the purchase.

Whales have been accumulating to the point that the meme-inspired cryptocurrency surpassed the native token of the FTX exchange, $FTT, as the second-largest holding ETH whales have in their portfolios.

The SHIBArmy has notably also been anticipating the launch of Shibarium, a layer-two network built on top of the Ethereum blockchain meant to support the Shiba Inu ecosystem. It’s set to enable “rapid low cost transactions optimized for gaming.”

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Pixabay