Mysterious Shiba Inu Whale Gobbles Up 311,998,734,794 SHIB Amid Crypto Market Dip: On-Chain Data
A deep-pocketed Shiba Inu (SHIB) investor is snapping up hundreds of billions of SHIB tokens as the crypto markets dip.
In a separate transaction moments later, the high-net-worth trader purchased 194,114,774,578 SHIB, worth $2,069,263, bringing the total amount of SHIB devoured by the whale to 311,998,734,794.
The whale purchased the meme asset as it dipped about 30% from its 2023 high. The meme asset peaked on February 4th, hitting a price of $0.000014. However, the whale was able to scoop up the tokens for $0.000011, which is what SHIB is currently trading for at time of writing.
Fresh data from Shibburn, a protocol that keeps track of how many SHIB tokens are burned, finds that the burn rate of the meme token during the last 24 hours has risen by 69.51% at time of writing as 22,375,349 SHIB have been discarded in the last day.
According to market intelligence firm IntoTheBlock, only 29% of Shiba Inu holders are in the green at current prices while 67% are underwater. In contrast, the crypto analytics platform finds that 53% of Dogecoin (DOGE) holders are sitting on unrealized gains while 39% of them are seeing red.
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