Mysterious Shiba Inu Whale Gobbles Up 311,998,734,794 SHIB Amid Crypto Market Dip: On-Chain Data

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A deep-pocketed Shiba Inu (SHIB) investor is snapping up hundreds of billions of SHIB tokens as the crypto markets dip.

New data from whale-surveying platform WhaleStats reveals that user BlueWhale0073, the 254th-ranked Ethereum (ETH) whale in the world, bought 117,883,960,216 SHIB worth $1,256,643 on April 20th.

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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Voger Design/WindAwake

The post Mysterious Shiba Inu Whale Gobbles Up 311,998,734,794 SHIB Amid Crypto Market Dip: On-Chain Data appeared first on The Daily Hodl.

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