Ethereum blue whales are using the crypto market crash to accumulate more SHIB tokens, from Shiba Inu, and profit from the volatility.
Despite the current correction in the crypto market, demand for Shiba Inu’s SHIB tokens continues to rise. Recently, an Ethereum “blue whale” purchased over 350.000 billion SHIB – one of the largest token purchases ever seen on the market.
La transaction, which can be tracked via Etherscan, shows that the “blue whale” 0073 acquired a total of 356.078 million SHIB tokens, for a total value of $2,89 million.
With SHIB trading at $0,000007 USD at press time, the project’s token appears to be a good opportunity for those looking to cash in on volatility or take advantage of a market crash to accumulate more tokens at affordable prices.
It may interest you: More than 410 billion Shiba Inu tokens have been burned to date
The “blue whales” are shorting Shiba Inu
According to Watcher.Guru, in the case of Shiba Inu, it is the first option.
Large investors, called “whales” or “blue whales” in the crypto industry, are making exorbitant purchases of SHIB tokens to take advantage of price fluctuations in the market and profit from it.
SHIB trading volume has soared by more than 170% since the weekend, reaching $665,9 million per day on Tuesday, according to data from CoinMarketCap. The figure reflects the interest of investors in trading the crypto asset.
At press time, the Shiba Inu investor has sold most of the tokens purchased. The wallet of blue whale 0073 holds only 16.848 million SHIB tokens available, worth approximately $131.500 USD.
By the end of May, the same investor had purchased another 146.000 billion SHIB tokens.
SHIB token burning is on the rise
On the other hand, Shiba Burn, the Shiba Inu burning portal, reported the burning of over 324 million SHIB tokens. This burn, which was carried out in a total of 15 transactions, showed a 332% growth in the token burn rate in the last 24 hours.
However, the portal shows that the SHIB burn rate has dropped again, currently at 28%.
Despite the fluctuations, the Shiba Inu community remains optimistic about the arrival of Shibarium, a second-layer blockchain owned by the project that will bring new functionalities to increase the network's use cases.
Shiba Inu's lead developer, Shytoshi Kusama, had reported that the development of Shibarium, after several months of work, would be completed this month.
Continue reading: Shiba Inu could receive new use cases soon
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