Whale Purchases Billions of SHIB Tokens Amidst Increased Burn Rate Following Shibarium Beta Release
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On Friday, a significant ETH whale known as “BlueWhale0073” purchased billions of Shiba Inu (SHIB) tokens. This move came amidst a considerable increase in the daily burn rate of SHIB tokens following the release of Shibarium Beta, nicknamed PuppyNet. According to WhaleStats, the whale purchased 99,297,904,247 SHIB, valued at $1.05 million.
As of now, 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 currently holds 65,829,862,154 SHIB tokens, the second-largest holding after ETH holdings of 10,159, worth over $18 million. Additionally, the whale also purchased 985,593 MATIC tokens worth $1.08 million.
Following the Shibarium Beta release this month, whales have continued buying SHIB tokens in huge quantities. The SHIB burn rate has increased as every transaction on Shibarium burns SHIB. Developers claim that they will burn 100 trillion SHIB each year, and the SHIB burn rate increased by 719% in the last 24 hours, according to Shibburn portal. The community burned 8,209,953 SHIB tokens in six transactions, and in the last seven days, the community has burned 868 million SHIB tokens.
Currently, the Shiba Inu price is trading sideways this week, with the price at $0.00001056. The 24-hour low and high were $0.0000104 and $0.0000106, respectively. Furthermore, the trading volume has decreased by 21%, indicating a decline in interest among traders.
The SHIB burn rate has significantly increased after the Shibarium Beta release, leading to the purchase of billions of SHIB tokens by ETH whales like “BlueWhale0073.” Despite the decrease in trading volume, SHIB and BONE prices remain relatively stable.
