An Ethereum ($ETH) whale has invested $11.9 million to buy 442.6 billion tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) in a single transaction, before moving the funder to a larger wallet.
The transaction was first spotted by Ethereum whale tracking service WhaleStats, which noted that the transaction was seeing the whale become a buyer of Shiba Inu for the first time. Transactions on the blockchain show that the funds later moved to a wallet with over $100 million in assets, however.
Track live crypto price of 10000+ coins!
🥳🥳 New #SHIB whale was born!!!
Holds 442,637,867,858 $SHIB ($11,969,061)
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) March 2, 2022
That wallet currently has $47 million worth of the meme-inspired cryptocurrency, making SHIB its largest bet on-chain. Behind SHIB comes Decentraland’s $MANA, as the whale holds $21 million of it. It’s followed by Fantom ($FTM), The Sandbox’s $SAND, and then Ethereum.
The whale also has significant positions in $KNC, $BAT, $CHZ, $ENJ, and $SUSHI, along with dozens of other altcoins. Data from WhaleStats shows that on average, the top 100 richest ETH whales increased their SHIB balance by 2.216 billion tokens, a 259% rise.
These whale transactions come as plans to burn SHIB through various initiatives have been growing. As CryptoGlobe reported Steven Cooper, CEO of cryptocurrency entertainment firm Bigger Entertainment, has clarified in a tweet that the company is looking to support the community of the meme-inspired cryptocurrency in burning 10% of its supply.
Bigger Entertainment is one of nine businesses that have committed to using part of their profits to burn SHIB and reduce the cryptocurrency’s circulating supply. Currently, only 59% of Shiba Inu’s initial supply was still in circulation, as a total of 410.29 trillion SHIB had been burned since the cryptocurrency was launched.
The team behind the meme-inspired cryptocurrency has also announced last month it’s working on the launch of a token burning portal that is set to help the cryptocurrency’s community burn tokens.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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