Whales have continued to take advantage of the token’s price dip to increase their holdings.
Despite the underperformance of Shiba Inu (SHIB), Ethereum whales have not ceased to see the price dip as an opportunity to increase their holding of the dog-themed cryptocurrency.
In a commendable development, a popular Ethereum address owner referred to with the pseudonym BlueWhale0073 has purchased over 147.8 billion Shiba Inu.
Details of the Transaction
BlueWhale0073 paid a whopping $1.56 million to purchase the dog-themed cryptocurrency a few hours ago. Interestingly, despite the huge amount paid to acquire the cryptocurrency, the purchase only incurred a transaction fee of $2.
The development was shared by WhaleStats, a crypto data provider that tracks the activities of the top 5,000 whales on the Ethereum blockchain.
“ETH whale “BlueWhale0073” just bought 147,846,134,326 $shib ($1,562,733 USD),” WhaleStats reports.
According to WhaleStats, BlueWhale0073 currently ranks as the 312 largest Ethereum whale in its rankings.
? ETH whale "BlueWhale0073" just bought 147,846,134,326 $shib ($1,562,733 USD).
Ranked #312 on WhaleStats: https://t.co/RBupemZyZX
Transaction: https://t.co/7hczi9t2sZ#SHIB #ShibArmy
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) May 27, 2022
BlueWhale0073 SHIB Accumulation
It is worth noting that BlueWhale0073 is among the top whales that have engaged in the massive accumulation of Shiba Inu.
The whale has been taking advantage of the token’s price dip to increase its holdings in the asset class.
Shiba Inu Burns Soars
At the time of writing, SHIB is trading around $0.00001067, up 3.5% in the last 24 hours. The cryptocurrency is down 68.2% on Year-to-Date (YTD), which has prompted members of the Shiba Inu community to engage in ways to boost the token’s value.
One of the community efforts aimed at increasing the value of Shiba Inu is the ongoing official burn program.
Since the initiative launched this year, trillions of SHIB have been burnt with the community hoping that it would get back the price of the cryptocurrency to its glory days.
Despite burning over 410 trillion units of Shiba Inu from the circulating supply, the community is still interested in burning more tokens.
In a recent development, over 508.8 million SHIBs were burnt in 15 transactions in the last 24 hours, thus bringing the total of burnt tokens to 410.3 trillion.
In the past 24 hours, there have been a total of 508,825,823 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) May 28, 2022
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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