While Burning Continues at Full Speed, Giant SHIB Whale Increases Investments to 2 Trillion!

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  • Amid the massive buying spree in the market, billions of SHIBs are being taken over by the top 10 wallets on the Ethereum network.

According to data from WhaleStats, the fourth largest wallet on the Ethereum blockchain has purchased 51.4 billion Shiba Inu tokens, bringing the total amount of the meme cryptocurrency held by the giant wallet to $1.19 billion.

The ETH whale labeled “Tsunade”, the giant wallet with a current total value of $7.2 billion in various cryptocurrencies, spent $1.1 million on the most recent purchase of Shiba Inu (SHIB). Among the largest holdings in the wallet of the SHIB whale are USDOGE and PAXG cryptocurrencies, whose price is tied to the value of gold.

The Shiba Inu remains the whale’s most actively traded crypto asset, nearly doubling its holdings since the end of February. Until recently, the whale’s wallet was worth about $3.6 billion, while the value of the account has risen to $8 billion recently as a result of heavy purchases.

SHIB performance

While whales have made a number of large Shiba Inu purchases recently, the token remains low with no signs of recovery as it has remained in a downtrend for the past 145 days.

Alongside a prolonged downtrend, SHIB entered a descending triangle pattern which should have caused an increase in volatility when the asset broke one of the formation’s borders. Recently, the Shiba Inu failed to break the resistance line despite trying to break the pattern on March 19.

Earlier, another major wallet bought a record 3.7 trillion Shiba Inu tokens worth almost $90 million. The purchase was made by one of the largest SHIB holders in the Ethereum network.

Along with a prolonged downtrend, SHIB is one whose presence is expected to cause an increase in volatility should it break one of the formation’s borders. descending triangle (descending triangle) entered the formation. Shiba Inu recently, on March 19, could not break the resistance line here despite trying to do so.

Despite the drop in price, SHIB witnessed an uninterrupted shopping frenzy. Another major wallet recently purchased 3.7 trillion Shiba Inu tokens worth about $90 million. These large purchases by whales are thought to be the result of a favorable price expectation.

Over 1 billion SHIB removed from circulation

According to a recent tweet, over a billion Shiba Inu meme cryptocurrencies have moved into “inferno” wallets in the past 24 hours and are out of circulation.

Shibburn, a monitoring platform where the Shiba Inu community can track the amount of SHIB tokens burned, recently made a statement; reported that 1,021,292,580 Shiba Inu have been burned since last morning. In this way, “burned” tokens were moved to wallets where they could not be withdrawn or otherwise spent, and were permanently removed from circulation. These steady burns are expected to drive the price up in the future.

Various teams and individuals conducted 41 transactions to remove these SHIBs, which were worth $24,296 in fiat money at the time of transaction, from circulation.

244.5 million SHIB went to the burning crucible in April

Selling SHIB-branded games, merchandise and products; SHIB Superstore Twitter account, whose team regularly burns tokens in the middle of each month, announced that they have collected $5808 so far to purchase SHIB in March (until March 20).

In USD terms, this amounted to approximately 244,547,368 dog tokens at the current SHIB/USD exchange rate. This amount will be added to the incinerator, which will be destroyed on April 15, according to the company’s website.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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