Crypto whale tracker, WhaleStats has spotted yet another massive Shiba Inu accumulation by Ethereum whales. On March 31, 2023, an Ethereum whale purchased over $1 million worth of SHIB tokens in a single transaction.
In detail, an Ethereum whale address called BlueWhale0073 purchased 99,297,904,247 SHIB worth $1,058,515. This comes amid elevated SHIB token burn rates and the Shibarium Beta mainnet launch. According to WhaleStats, the ETH whale is the 254th largest Ethereum whale.
SHIB Retains First Spot Among Top Coins Held By Largest ETH Whales
The WhaleStats report shows that Shiba Inu retained its position as the leader among the largest token holdings by the top 2,000 ETH whales. The report noted that the 2,000 top Ethereum whales currently have $606,553,503 in their wallets.
Shiba Inu has been celebrated among ETH whales over the past months. It gained recognition among the top 100 Ethereum whales making it the most bought and spent tokens earlier in January before the February downtrend.
The whales resumed their SHIB buying activities after the Shibarium beta testnet, Puppynet, went live, activating a massive burning spree on the Shiba Inu network.
Shiba Inu Price Underperforming Community’s Bullish Sentiment
Data suggests Puppynet saw massive support from the SHIB community, as it records new wallet addresses daily. Puppyscan data shows that the layer 2 solution’s public testnet version has reached a new milestone. The Puppynet has seen over 200,000 wallet addresses with 1.2 million transactions.
In addition to increasing wallet addresses, Shibarium is sparking interest among validators. There are currently more than 500 validators showing interest in joining the network, according to Shiba Inu’s lead developer.
These increasing transactions have been reflected in the spiking SHIB token burn rates, confirming the developers’ efforts to cut Shiba Inu’s circulating supply.
The Shiba Inu developers confirmed that the burn mechanism is a strategy to wipe out millions of SHIB from the supply, induce scarcity, and boost the meme coin’s price.
A report disclosed that Koyo (KYO) destroyed 794.85 million Shiba Inu tokens in a single transaction. Today about 9.5 million SHIB tokens have been burned, an 80.05% increase in burn rate from yesterday’s value. That is just a meager percentage compared to the number of SHIB burned over the past weeks.
Following the Shiba Inu developers’ documentation, the burn rate spike should reduce SHIB’s circulating supply and boost its price. However, the meme asset’s performance is opposite the touted expectation.
Yesterday, SHIB closed the day with a 1.13% price decline and has continued trading sideways today. At press time, Shiba Inu is trading at $0.00001073, with a 24-hour price increase of 1%.
Featured image from Pixabay and chart from Tradingview.com