While the crypto community was busy focused on the Ethereum and Cardano networks’ big updates, Shiba Inu [SHIB] was sitting on the sidelines. However now, the Ethereum whales seem to have pushed the meme coin back into the headlines. With the entire market painted in red, these whales were on a shopping spree.
According to data curated by WhaleStats, Shiba Inu emerged as one of the top 10 most purchased crypto assets by the 500 biggest Ethereum whales over the last 24 hours. It seems like the asset was a popular choice among the top 100 whales as well.
As seen in the above chart, after Ethereum and popular stablecoins, SHIB took over fourth place. The average quantity of SHIB held by these whales was at a high of 119,450,852,849.
Ethereum whales have been loyal buyers of Shiba Inu. Further prolonging the trend, these whales were bagging the asset while it was down by nearly 5 percent. At press time, SHIB was trading for $0.00001096 with a 4.21 percent daily drop.
However, over the past hour, the asset seems to have witnessed a dainty surge of 1 percent. Several speculate that Ethereum whales could be trying to pump the price of the asset with their latest purchase.
Shiba Inu burn rate records three-digit pump
Burns have taken the front stage in the crypto-verse this year. But the Shiba Inu community is certainly at the forefront of this. Unlike other projects, the community members of the network have been veering in to carry out burns.
This process seems to have garnered a boost lately as the burn rate has been witnessing a three-digit and even a four-digit surge at times. At press time, according to Shibburn, the 24-hour burn rate of Shiba Inu was at a positive 719.80 percent. About 126,196,946 SHIB tokens were sent to a dead wallet in the last couple of hours.
It’s likely that this trend would prolong considering the massive interest Shiba Inu has been bagging.