Major Ethereum Whale Buys 50B SHIB As Burns Continue To Decrease Supply

One of Ethereum's ETH/USD most valuable wallets just added 50 billion Shiba Inu SHIB/USD to its already hefty reserves of the token as burn mechanisms continue decreasing the coin's supply.

What Happened: Transaction data shared by large transaction tracking service WhaleStats show that the 13th most valuable Ethereum wallet known as "Juraiya" acquired nearly 50 billion SHIB on Monday — worth nearly $1.1 million as of press time.

See Also: Shiba Inu (SHIB) To $1? Why The Dog-Themed Coin is Buzzing Today  

The address now holds a total of over 1.76 trillion Shiba Inu tokens for a total value of nearly $39 million as of Tuesday. This major bet on Shiba Inu follows the Shiba Inu community burning (permanently destroying) 1,312,743,122.49 SHIB for a total current value of over $28,000 in January according to ShibBurn data.

SHIB Price Action: As of press time, Shiba Inu is trading at $0.00002169 after seeing its price increase by over 1% over the last 24 hours.

Photo: Courtesy of Diverse Stock Photos on Flickr