An anonymous Ethereum ETH/USD wallet acquired more than 3 trillion Shiba Inu SHIB/USD tokens in a single transaction.
What Happened: Blockchain data from Etherscan shows that a mysterious wallet address acquired 3.37 trillion SHIB tokens worth $42 million on Tuesday.
At the time of writing, the tokens were worth $41.2 million.
Transaction data shows that the whale paid a mere $1.69 worth of gwei in gas fees for the high-value transaction.
Interestingly, the mysterious wallet in question did not hold any cryptocurrency tokens prior to this week’s transfer.
Meanwhile, the number of Shiba Inu burns has been on the rise, with a particularly high number of tokens sent to the burn wallet in August.
According to Shibburn, a portal that tracks the amount of SHIB tokens removed from circulation, August saw 3.37 billion SHIB burned.
Although more than 410 trillion SHIB has been burned so far, there are still 559 trillion SHIB tokens in circulation, meaning that the burn rate would need to accelerate significantly in order for any real change in the token’s price.
See Also: IS SHIBA INU (SHIB) A GOOD INVESTMENT?
Price Action: At the time of writing, SHIB was trading at $0.0001229, up 2.57% in the last 24 hours. Bitcoin BTC/USD was trading at $19,316 and Ethereum ETH/USD was trading at $1,620, up 2% and 5%, respectively, over the same period.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.