According to the Analytics X account @lookonchain, cryptocurrency whales amassed an incredible quantity of Shiba Inu meme coins on June 5th, resulting in a “crazy SHIB buy.”
It happened at the same time that SHIB, the second-largest meme cryptocurrency, had a sharp increase in its burn rate over the previous 24 hours and a price spike of nearly 8% over the previous two days.
Trillions of SHIB absorbed by anon whales
https://x.com/lookonchain/status/1798378865586516439
According to @lookonchain, nine wallets—two of which belonged to unidentified whales—paid $35.2 million in cash, or $0.00002596 every meme currency, to acquire an astounding 1.356 trillion Shiba Inus.
This week, SHIB whale activity appears to have increased. In addition to the previously announced enormous SHIB buy, the same analytics data source revealed on June 5 that a “super big SHIB whale” who remained unidentified had amassed 715.9 billion SHIB meme coins. At the time of the transaction, that cost him 4,849 ETH, or $18.44 million.
https://x.com/lookonchain/status/1798254866227433887
This second SHIB acquisition was made by a whale who, in the early days of SHIB, amassed 5.5 trillion Shiba Inu for around $400 million, which it later sold for about $121 million, when the price of SHIB hit two peaks. He therefore made a straight profit of almost $120 million on those billions of SHIB.
The aforementioned transactions were made this week when SHIB whales started to trade, and they also happened at the same time that the meme coin’s price peaked on June 5 at $0.00002630, up over 10%. The price then saw a little recovery that resulted in a 2.65% decline.
When this article is written, Shiba Inu is trading for $0.00002258.
SHIB burns soar 3,895%
Meanwhile, the Shibburn Explorer reports that the Shiba Inu burn rate had a remarkable increase over night, rising by about 3,895%. 4,829,147 SHIB in total were burnt or moved to unspendable wallets.
About fifteen hours ago, the biggest burn transaction in this area sent 4,039,143 SHIB to a dead-end wallet.
