Ethereum ($ ETH) whales $ 11.9 million to buy meme-inspired cryptocurrency Shiba Inu ($ SHIB) 442.6 billion tokens in a single transaction before moving funders to a larger wallet Invested.
The deal was first discovered by WhaleStats, Ethereum’s whale tracking service. This was the first time a whale had become a Shiba Inu buyer. However, trading on the blockchain shows that the funds later moved to a wallet with assets in excess of $ 100 million.
The wallet now has a meme-inspired cryptocurrency worth $ 47 million, making SHIB the biggest bet on the chain. Behind the SHIB is Decentraland’s $ MANA, as the whale holds $ 21 million. This is followed by Fantom ($ FTM), The Sandbox’s $ SAND, and Ethereum.
Whales, along with dozens of other altcoins, also occupy important positions in $ KNC, $ BAT, $ CHZ, $ ENJ, and $ SUSHI. On average, the top 100 wealthiest ETH whales increased their SHIB balance by 2,216 million tokens, an increase of 259%, according to WhaleStats data.
Trading these whales begins with growing plans to burn SHIB through various initiatives. As CryptoGlobe reported, Steven Cooper, CEO of crypto entertainment company Bigger Entertainment, said in a tweet that the company is trying to support the meme-inspired crypto community by burning 10% of its supply. I made it.
Bigger Entertainment is one of nine companies that have promised to use some of their profits to burn SHIB and reduce the cyclical supply of cryptocurrencies. With a total of 410.29 trillion SHIB burned since the launch of cryptocurrencies, only 59% of the initial supply of Shiba Inu is currently in circulation.
The team behind meme-inspired cryptocurrencies also announced last month that they are working on launching a token burning portal designed to help the crypto community burn tokens.
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