Ethereum ($ETH) Whale Buys 442 Billion Shiba Inu ($SHIB) as Meme Token Burn Plans Grow

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.

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.

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Featured image via Pixabay

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