An Ethereum whale has recently taken advantage of a recent dip in cryptocurrency prices to accumulate over 300 billion tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) in a series of transactions that come as the cryptocurrency becomes easier to buy and use through various partnerships.
According to whale monitoring service WhaleStats, one of the largest whales on the Ethereum network, tagged as “BlueWhale0073,” has bought around 311.99 billion SHIB tokens for roughly $3.32 million in two separate transactions, after SHIB’ price dropped around 4.5% in a week.
The whale first made one transaction to acquire 194.11 billion SHIB for roughly $2.06 million, before making a second transaction later on in which it added an additional 117.88 billion tokens to its portfolio for $1.25 million.
This sudden accumulation comes on the heels of a dip in the price of the Shiba Inu token, which is at the time of writing trading at $0.00001060, falling from a weekly high of around $0.00001180.
The accumulation also comes after a partnership between leading cryptocurrency payments gateway BitPay and fintech firm Ramp Network gave users the option to purchase over 20 supported cryptocurrencies, which include the meme-inspired token.
Similarly, as CryptoGlogbe reported, SHIB holders are set to benefit from a recently announced partnership between Binance and CoinGate, which allows Biannce Pay users to conduct transactions at CoinGate-affiliate merchants using Shiba Inu and other Binance Pay supported digital assets.
Shiba Inu’s burn rate has recently grown by over 3,500% in a 24-hour period, after the Shiba Inu community has burned around 9 million $SHIB tokens from circulation in a move that is helping reduce the meme-inspired cryptocurrency’s circulating supply, in a bid to help its value grow by reducing available supply.
Shytoshi Kusama, SHIB’s lead developer, recently shared his thoughts on the relationship between Shiba Inu’s price and burns in a telegram chat. According to Kusama, the price of Shiba Inu cannot be influenced solely by burns.
In response, the Shiba Inu team has been focused on developing new technologies and utilities to foster SHIB adoption. Kusama believes that only through such efforts can Shiba Inu prices experience the significant increase that everyone desires.
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Featured Image via Pixabay
