SHIB Whale Activity Intensifies Amid Burn Rate Spike

SHIB Whale Activity Intensifies Amid Burn Rate Spike

Analytics account @lookonchain reported a significant Shiba Inu (SHIB) buy on June 5. Cryptocurrency whales acquired a staggering 1.356 trillion SHIB tokens. Consequently, this purchase coincided with an almost 8% price surge of SHIB over the past two days, alongside a substantial increase in the burn rate within the last 24 hours.

Details Of The Whale Transactions

Nine wallets, controlled by two anonymous whales, bought the 1.356 trillion SHIB for $35.2 million, averaging a price of $0.00002596 per token. This marked a notable rise in whale activity. Moreover, on the same day, the analytics source reported another major acquisition. An anonymous whale purchased 715.9 billion SHIB coins, spending 4,849 ETH, valued at $18.44 million during the transaction. 

This second whale has a history with SHIB. Initially, they accumulated 5.5 trillion during its early days for roughly $400 million. They sold this amount when its price peaked, earning around $121 million, thus making a profit exceeding $120 million.

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These significant purchases led to increased whale activity this week. SHIB’s price soared by over 10% on June 5, peaking at $0.00002630, before a slight 2.65% rebound. Currently, Shiba Inu is trading at $0.00002258.

Surge In SHIB Burn Rate

Meanwhile, the Shibburn explorer recorded a remarkable 3,895% increase in the SHIB burn rate overnight. A total of 4,829,147 was sent to unspendable wallets, effectively burned. The largest single transaction involved 4,039,143 transferred to a dead-end wallet approximately 15 hours ago.

Related article: Shiba Inu Rebounds? Analysts Identify Potential Buying Zones

Overall, the surge in the whale activity and the corresponding increase in the burn rate reflect growing interest in the meme coin. 

These events coincide with significant price movements, indicating a dynamic period for Shiba Inu in the cryptocurrency market.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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