Sat. Jul 2nd, 2022

An Ethereum whale has collected more than 271 billion Shiba Inu (SHIB) tokens amid an ongoing buildup of the meme-inspired cryptocurrency. The whale bought his chips for just over $6 million. According to whale monitoring service WhaleStats, which tracks the 1,000 largest whales on the Ethereum network, the 208th largest whale purchased the tokens shortly after it was revealed that Shiba’s consumption rate jumped over 6,700. %.

The burn rate of the meme-inspired cryptocurrency increased after more than 745 million tokens were burned in just 24 hours. SHIB burns have been a hot topic in recent weeks after the team behind the cryptocurrency announced the launch of a token burn portal that is set to help the cryptocurrency community burn tokens in an effort to reduce its circulating supply. Ethereum whales have apparently been amassing the meme-inspired cryptocurrency. This month, another whale invested $1 million to buy 49.6 billion SHIBs, while earlier this year another whale bought 58.9 billion SHIBs for $1.9 million at the time of purchase.

The whales have been piling up to the point that the meme-inspired cryptocurrency overtook the FTX exchange’s native token, $FTT, as the second-largest holding ETH whales have in their wallets. The SHIBArmy has also been notably anticipating the launch of Shibarium, a layer two network built on the Ethereum blockchain intended to support the Shiba Inu ecosystem. It’s set to allow “fast, low-cost transactions optimized for gaming.” Disclaimer: The information found on CryptoReport is that of the cited writers. It does not represent the opinions of Criptoinforma on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decisions. Use the information provided at your own risk. See the Legal Notice for more information.

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By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.