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.
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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.
