Shiba Inu seems to be getting ready for a price rally as more and more crypto whales are jumping to invest into the meme-coin. Shib is slowly losing it’s status as a meme-coin and marching towards stability.
The ShibArmy rejoiced after data from Etherscan and Blockchain Tracker revealed that two whales have acquired 6.5 billion Shib tokens in a span of less than 60 minutes. A Twitter handle shared the news with the Shiba Inu community and since then the post has gone viral.
Have a look at the Etherscan data which proved that 6 billion+ Shiba Inu coins were purchased in less than an hour by two wallets.
“Data by #Blockchaintracker #Etherscan shows that over the past hour, two crypto whales have acquired over 6.5 billion #SHIB tokens. The two massive transactions were made from the wallets of Binance and Kucoin crypto exchanges, carrying 4,085,088,583″
Shiba Inu Supply Burn
We recently also reported that 3.5 billion Shib tokens were burnt from supply in the last two months. If you are not aware about what coin burns are, here is a simple way to look at it.
Coin Burn is essentially the practice of destroying the coin so that it is not available for further and is wiped off the supplies. This is done by sending the coins to any forgotten or specialized wallets whose private keys are not accessible. This, in turn, removes the token from supply and helps boost the price of the cryptocurrency.
Out of 3.5 billion, 1 billion Shib token burn was contributed by the founder of first ever Crypto record label.
What do you think about the whole story? Tell us your thoughts in the comments.