Ethereum Whales Purchased Over 150 Billion SHIB in 24 Hours

Shiba Inu (SHIB) has been recovering well over the last few days and is up around 41.39% over the last week. Unfortunately for the meme coin, it can’t seem to gain any real traction as it is still trading below its all-time high of $0.00008616.

One thing that has been going in SHIB’s direction is that the top Ethereum whales have been accumulating SHIB. According to the whale tracker website, WhaleStats, SHIB has become one of the top three most acquired tokens among the top 100 Ethereum whales.

Over the last day, ETH whales purchased over 150 billion SHIB.

Another positive for SHIB is that nearly 62 billion SHIB tokens were burned over the last day and moved to a dead address. This means that these tokens have been removed from the circulating supply which could lead to an appreciation in the value of SHIB.

According to Shibburn, the burning of these SHIB tokens took place over eight transactions.

Investors were worried about SHIB as the meme coin was down by 1.17% even after ETH whales accumulated the crypto. Today, things are looking better as SHIB is up by 13.76% and is now trading at $0.00001151. SHIB also reached a high of $0.00001171 over the last 24 hours, according to CoinMarketCap.

Yesterday, SHIB’s volume was also down by about 42%, but today, SHIB’s trading volume is up 46.90% and is standing at $943,134,324.

Since June 24, SHIB’s social dominance metric has also shown promising results.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.