The biggest Bitcoin and altcoin whales seem to be focusing on a different cryptocurrency. According to the data, the three largest whales are buying Shiba Inu (SHIB), one of the most popular meme coins. Here are the details…
Whales focus on SHIB, not Bitcoin
Deep-pocketed SHIB traders are becoming relentless to hoard the most popular dog-themed cryptocurrency, as an investor in one of the biggest whales has purchased a staggering $8.62 million worth of Shiba Inu in multiple transactions in the past 24 hours. Etherscan.io shows that the two largest SHIB whales have processed three significant transactions in the last 24 hours. SHIB reported that it has increased its holdings with a stunning 701.7 billion Shiba Inu tokens worth $8.62 million.
About three hours ago, the 75th deep-pocketed SHIB trader purchased an incredible total of 541.32 billion Shiba Inu tokens worth $6.65 million in a key transaction from the world’s leading cryptocurrency exchange Gate.io. Etherscan.io data confirms that this SHIB whale was born recently and is the first interaction of the above transaction with any exchange wallet. The new wallet now has 541.32 billion Shiba Inu tokens worth $6.65 million in its wallet. 7th largest SHIB whale bought Shiba Inu for $1.97 million.
On the other hand, the 7th largest SHIB whale has amassed a heap of $1.97 million, totaling 160.38 million tokens in two separate transactions. The whale initially made a massive $1.75 million payment for SHIB of 142.62 billion about 11 hours ago and about 8 hours ago. It received another 17.75 billion SHIB for $218,772. The whale now holds 14.37 trillion SHIB in its wallet worth $176.78 million. In total, both whales now hold 14,913 trillion tokens.
Another whale bought 3 trillion tokens
On the other hand, another anonymous Ethereum wallet received over 3 trillion SHIB tokens in a single transaction. Blockchain data from Etherscan shows that a mysterious wallet address received 3.37 trillion SHIB tokens worth $42 million on Tuesday. At the time of writing, the tokens were worth $41.2 million. Transaction data shows that the whale only paid $1.69 worth of gwei in gas fees for the high-value transaction.
Interestingly, the mystery wallet in question did not hold any cryptocurrency prior to this week’s transfer. Meanwhile, the number of Shiba Inu burns is on the rise, with a particularly high number of tokens sent to the burn wallet in August. According to Shibburn, a portal that monitors the amount of SHIB tokens removed from circulation, as we reported on cryptokoin.com, 3.37 billion SHIB were burned in August. Although more than 410 trillion SHIBs have been burned so far, there are still 559 trillion SHIBs in circulation. This means that for any real change in token price, the burn rate would have to accelerate significantly.
🔥🔥🔥 3,785,744,343 $SHIB tokens have been burned in the month of August with 528 transactions. #shib #shibarmy
— Shibburn (@shibburn) September 1, 2022
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