A cryptocurrency magnate recently made headlines for purchasing 144.5 billion Shiba Inu (SHIB) tokens in a single hour. The magnate is using SHIB as an investment vehicle after making a tidy profit from it earlier this year, analysis platform Spotonchain revealed.
In addition to SHIB, the magnate also purchased 326.3 billion PEPE and 550.1 million NEIRO, indicating a renewed interest in meme tokens.
Buy large amounts of cryptocurrencies using DAI stablecoin
To finance this massive acquisition, the whale spent $12.8 million on DAI stablecoins. The purchases included approximately $4 million for 114.5 billion SHIB, $7.97 million for 326.3 billion PEPE, and $952,000 for 550.1 million NEIRO. The transaction involved nine separate digital wallets, each of which was connected to the same whale.
Despite such large-scale consumption, this whale still holds over $7 million in DAI, indicating that more purchases may be on the horizon. This whale is no stranger to large SHIB transactions. On March 31, they sold 533.6 billion SHIB, making a profit of $8.24 million in less than a month.
This successful transaction highlights the strategy of whales profiting from market fluctuations. Meanwhile, earlier this week, another cryptocurrency whale made headlines for depositing 121.75 billion PEPE on Binance, earning a profit of $2.13 million.
SHIB burn rate skyrocketed by 12,670%
Apart from the activities of whales, the broader SHIB community is still committed to reducing the circulating supply of the token. The Shibburn tracker reports that the community has burned 52,023,508 SHIB in the past 24 hours, with the burn rate increasing an astonishing 12,670%. The largest burns include 40,464,770 SHIB, 9,726,555 SHIB, and 1,460,893 SHIB.
The collective burn efforts of the SHIB community have removed 4.1074 trillion SHIB from circulation. This initiative gained momentum in May 2021 when Ethereum co-founder Vitalik Buterin burned these SHIB after receiving nearly 5 trillion SHIB from SHIB founder Ryoshi.
Since then, the community has been reducing the supply with the aim of increasing the token's value over time. These developments highlight the influence that large investors and the community continue to have in shaping the future of Shiba Inu and meme coins.
