SHIB Rises 10% As Whale Buys 219 Billion Tokens
BlueWhale0073, an Ethereum investor, continues to invest in Shiba Inu, buying 219 billion meme tokens. The whale has also made a purchase of 50 billion SHIB on April 20. His most recent acquisition of the dog cryptocurrency is nearly 5x larger than last week’s.
Whale Statistics has confirmed that an impressive amount of SHIB (219,332,229,787) equivalent to $5,454,792 has been sent to the whale’s wallet. huhe had previously added 86 billion SHIB worth $2,111,500 to his wallet on April 23.
Related literature | Dogecoin (DOGE) Jumps 30% After Elon Musk Buys Twitter
The owner of the “BlueWhale0073” wallet is one of SHIB’s largest buyers. The whale purchased more than 2 trillion Shiba Inu between April 10 and April 23.
However, the transaction page shows that the whale has already sold most of its SHIB tokens, leaving him with less than a billion Shiba Inu – 906808367.54 worth $22,010. According to the wallet page, 90% of incoming and outgoing cryptocurrency comes from SHIB.
BlueWhale0073 is not the only Ethereum whale investing in Shiba Inu; other whales recently bought up the meme coin. For example, on April 25, whale “Bombur” acquired 52 billion SHIB worth $1,178,967.
Following on from Dogecoin, SHIB also increased by 10%
The Shiba Inu rose 10.09% on Monday after a huge surge in Dogecoin. DOGE had skyrocketed after reports that Twitter had accepted Elon Musk’s offer to buy the social media giant.
News of Elon Musk’s purchase on Twitter saw Dogecoin surge more than 13% within minutes. After these pumps, the billionaire had officially confirmed it, which led to the money being deposited into Dogecoin.
The price of Dogecoin has continued to rise in value, with an increase of about 32% in the past 24 hours. The coin is currently trading at $0.164.
Dogecoin maintained most of its gains, but SHIB has already lost some of yesterday’s gains. Shiba Inu is currently trading at $0.00002413.
SHIB is currently trading in red at $0.00002413 losing yesterday’s gain | Source: SHIB/USD chart of Tradingview.com
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Shiba Inu Creates New Burning Mechanism To Get Reward
The creators of the SHIB coin have a burning mechanism which 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 fire 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