1.356 Trillion SHIB Suddenly Bought by 9 Wallets – What's Going On?

Analytics X account @lookonchain has reported that on June 5, a “crazy SHIB buy” took place as cryptocurrency whales accumulated a staggering amount of Shiba Inu meme coins.

It coincided with the price of the second largest meme cryptocurrency, SHIB, soaring by almost 8% within the past two days and a massive SHIB burn rate jump noted within the last 24 hours.

Trillions of SHIB absorbed by anon whales

@lookonchain revealed that nine wallets, which belonged to two anonymous whales, purchased a mind-blowing 1.356 trillion Shiba Inu, paying $35.2 million in fiat for them at an average price of $0.00002596 per meme coin.

SHIB whales seem to have become more active this week. Aside from the above-mentioned massive SHIB buy, on June 5, the same analytics data source reported that an anonymous “super big SHIB whale” accumulated 715.9 billion SHIB meme coins. That cost him 4,849 ETH, valued at $18.44 million at the time of performing the transaction.

This second SHIB purchase was made by a whale who accumulated 5.5 trillion Shiba Inu in SHIB’s early days for roughly $400 million and then sold that amount for approximately $121 million, when the SHIB price reached two peaks. Thus, he made more than $120 million of pure profit on those trillions of SHIB.

The above-mentioned purchases took place as SHIB whales became active this week and coincided with the meme coin’s price soaring by more than 10% on June 5, reaching a peak of $0.00002630. Then a slight rebound followed, taking the price down by 2.65%.

As of this writing, Shiba Inu is changing hands at $0.00002258.

SHIB burns soar 3,895%

In the meantime, according to the Shibburn explorer, overnight, the Shiba Inu burn rate demonstrated an impressive surge, skyrocketing by almost 3,895%. A total of 4,829,147 SHIB was transferred to unspendable wallets (i.e., burned) in total.

The largest burn transaction here carried 4,039,143 SHIB to a dead-end wallet approximately 15 hours ago.