SHIB Soars 10% As Whale Buys 219 Billion Tokens

Saeed Hassan

Last Updated: June 11, 2024 7:51 am

3 mins read

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BlueWhale0073, an Ethereum investor, continues to invest in Shiba Inu, purchasing 219 billion meme tokens. The whale also made a purchase of 50 billion SHIB on 20th April. His most recent acquisition of the canine cryptocurrency is almost 5x bigger than the one made last week.

WhaleStats has confirmed that an impressive amount of SHIB (219,332,229,787) equivalent to $5,454,792 was sent to the whale’s wallet. He had earlier added 86 billion SHIB worth $2,111,500 to his wallet on April 23.

The owner of the “BlueWhale0073” wallet is one of the biggest buyers of SHIB. The whale has bought over 2 trillion Shiba Inu between April 10 and April 23.

However, the transaction page shows that the whale has already sold most of his SHIB tokens, leaving him with less than one billion Shiba Inu — 906808367.54 worth $22,010. As per the wallet page, 90% of its inflowing and outgoing cryptocurrency comes from SHIB.

BlueWhale0073 is not the only Ethereum whale investing in Shiba Inu; other whales have been buying up the meme coin recently. For example, on April 25th, whale “Bombur” acquired 52 billion SHIB worth $1,178,967.

Following Dogecoin, SHIB Also Increased by 10%

The Shiba Inu rose 10.09% on Monday following a massive surge in Dogecoin. DOGE had skyrocketed after reports that Twitter had accepted Elon Musk’s bid to buy the social media giant.

The news of Elon Musk’s purchase on Twitter saw Dogecoin spike over 13% in minutes. After these pumps, the billionaire had officially confirmed it, prompting money to pour into Dogecoin.

The price of Dogecoin has continued to rise in value, with the past 24 hours showing an increase of around 32%. The coin is currently trading at $0.164.

Dogecoin maintained most of its gains, but SHIB has already lost a portion of yesterday’s profit. Shiba Inu is currently trading at $0.00002413.

SHIB Chart — SHIB is currently trading in red at $0.00002413, losing yesterday’s gain | Source: SHIB/USD Chart from Tradingview.com

Shiba Inu Creates New Burn Mechanism To Get Reward

The creators of the SHIB coin have released a burning mechanism that allows token holders to burn their tokens while earning passive income.

If investors want to burn their SHIB tokens, they can use the Shiba Inu burning portal. This will send their tokens to a burn address, where they will be lost forever.

This effectively introduces a way to reduce the total number of tokens in circulation, making them scarcer and more valuable.

                Featured image from Pixabay and the chart from Tradingview

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