A mysterious and unidentified Shiba Inu whale purchased a massive 4 trillion tokens on Sunday. The mega whale paid a staggering $42 million to accumulate the 4 trillion SHIB tokens during the weekend. This is the highest purchase that SHIB experienced in December this month as whales mostly stayed absent in Q4 of 2023. The unknown whale did not move or sell the tokens and might continue holding SHIB for a longer period.
Also Read: Shiba Inu: How Many Years Will SHIB Take To Reach $1?
The popular cryptocurrency wallet tracker bot Whale Alert was the first to dish out the transaction and make it open. “Approximately 24 hours ago, a jaw-dropping 4,238,953,460,450 SHIB tokens moved between wallets labeled as: ‘unknown.’ Interestingly, no exchanges were involved in the transaction,” wrote Whale Alert on X, formally Twitter.
Shiba Inu: Whale Buying SHIB Ahead of Shibarium Burns
The Shiba Inu team confirmed last week that Shibarium will begin burning SHIB tokens from January 2024 onwards. The mega whale is most likely banking on the SHIB burns, and therefore, took an early entry position. If Shibarium manages to burn trillions of tokens every year, the whale most likely could see the holdings balloon. Also, read here to know a realistic price prediction on when SHIB could hit the $1 mark.
Also Read: Shiba Inu: Man Makes $70 Million but Ends Up With Only $4,000
Read here to know more in-depth information about how Shibarium will begin to burn SHIB tokens in 2024. If trillions of tokens are sent to the dead wallet, then the chances of SHIB sustainably scaling up in price might be possible. However, that depends on the scale of the burns as burning millions or billions of tokens will not make SHIB scarce.
Also Read: Shiba Inu: Millions of Bitcoin Profits Set to Flow Into SHIB
At press time, Shiba Inu was trading at $0.00000975 and is down nearly 3% in the 24-hours day trade. SHIB is also down close to 89% from its all-time high of $0.00008616, which it reached in October 2021.
Credit: Source link
