Another 27 million Shiba Inu burned in just 24 hours. One wallet got rid of as many as 15 million coins. At the same time, one SHIB whale made purchases amounting to as much as 311 billion SHIB.
Big SHIB burn
The Shiba Inu community achieves another spectacular success, removing as many as 27.57 million SHIB from circulation forever, and in just 24 hours. The operation was carried out in six separate transactions.
It turns out that a mysterious wallet with as much as 2.26 billion Shiba Inu has risen to the top of the “Top SHIB Burner” list. Over the past day, it has made two transactions that have taken in as much as 15.57 million SHIB. Of course, the identity of the portfolio’s owner remains a mystery.
Such large operations caused the burn rate to increase by 244.69% on Thursday, April 20. Not surprisingly, the community expects a significant increase in the price of SHIB as a result.
However, it should be remembered that one of the main developers of the project, quite recently mentioned that for this to happen, the value of the tokens sent back to the dead wallet must increase significantly. We wrote about this in a separate article. If you haven’t read it yet, be sure to take a look: “Leading Shiba Inu developer points out that token burning is not enough to move SHIB price.”
WhaleStats continues to buy Shiba Inu
WhaleStats, a well-known blockchain data tracking platform, reports another huge SHIB purchase. One of the leading ETH Whales just raised 311.99 billion SHIBs, which translates to a value of $3.32 million. Interestingly, these transactions took place on the same day as the previously mentioned burn.
The mysterious investor, who is identified as BlueWhake0073, in the first transaction, spent the huge sum of $2.06 million to buy 194.11 billion SHIB. This is an impressive sum that attracted the attention of the entire industry.
A few minutes later, the investor made another large transaction. As a result, as much as 117.88 billion SHIB worth $1.25 million was added to his portfolio.
Shiba Inu still in consolidation
“The longer the consolidation lasts, the higher investment returns can be achieved,” is undoubtedly the maxim that currently guides Shiba Inu supporters. The token has been in a wide band set between $0.000007 and $0.000018 since the beginning of May last year, until now. Despite the fact that at the same time Bitcoin, as well as the crypto market as a whole, suffered a collapse associated with the collapse of the FTX exchange, and then a sharp recovery in the first quarter of 2023, SHIB does not seem to be feeling it. Nor is it feeling the effects of the burn, or the unusually high purchases by whales. However, this set of data indicates that a sharp move in price may only be a matter of time.