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In: Cryptocurrency

The latest report revealed that a top Shiba Inu whale embarked on a buying spree. According to Etherscan data, the 19th-largest Shiba Inu whale purchased 150,553,500,877 SHIB worth over $1.55 million.

The data shows the whale accumulated the tokens in three transactions over the past 24 hours. This whale accumulation happened amid a massive token burn spree by the SHIB community.

Shiba Inu Whale On Buying Spree

In detail, the Shiba Inu whale started buying with a smaller amount of 16,099,042,840 billion SHIB tokens a few hours ago. In the second transaction that followed minutes after the first, they bought 108,040,560,167 SHIB worth over $1.112 million. 

The whale continued with another purchase of 26,413,897,870 SHIB worth $272,063. This third transaction happened approximately 9 hours later.

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The same 19th-largest SHIB holder amassed over 168.37 billion Shiba Inu tokens on April 25, Etherscan data shows. The whale initiated the purchase in two transactions, one of 9.81 billion SHIB and the other of 158.55 billion, worth about $1.72 million.

The Shiba Inu Whale now holds 5,178,454,552,701 SHIB tokens worth approximately $53.33 million. 

SHIB Community Burns Over 2 Million SHIB On the Last Day

Meanwhile, the Shiba Inu community continues its burning spree, with over 2 million SHIB tokens sent to the dead wallet in the last 24 hours. About 12 hours before press time, the Shiba Inu community burned 1,000,000 SHIB tokens, according to Shibburn data. The move resulted in a spike in the Shiba Inu burn rate by nearly 2,000%.

The community didn’t stop there as they went ahead to burn more. Three hours ago, Burn Address1 (BA-1) saw a whopping 1,467,306 million SHIB.

Notably, the recent spike in burn activity was to compensate for the drop in burn rate that occurred on the previous day. As of April 27, only 47,664 Shiba Inu tokens entered the burn wallet, resulting in a 96% decline in the burn rate from the April 26 levels. 

The reason behind the decline was a momentary distraction from the burn initiative in the SHIB community as it focused on other upcoming projects. However, the latest boost in burn rate suggests the community has stepped up its game again.

But the recent burn rate spike is nothing compared to that of April 14, when Shiba Inu saw one of the highest token burns in the last few months. Koyo token burned a massive 1.49 million SHIB, spiking the burn rate significantly.

So far, the community has burned 410.63 trillion SHIB. So, what’s left of the meme coin’s total supply is 589.366 trillion tokens, while its circulating supply is currently 574.087 trillion.

SHIBUSDT trends lower on the chart l SHIBUSDT on Tradingview.com

However, the Shiba Inu price is bearish against the broader cryptocurrency market cap that has increased by 0.59% over the past 24 hours. At press time, SHIB is trading at $0.0000102, with a 24-hour price decline of 0.29%.

Featured image from Pixabay and chart from Tradingview

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