A newly formed mysterious Shiba Inu ($SHIB) wallet has recently accumulated a whopping 20 trillion tokens for around $176.8 million, making it the fifth-largest holder of the meme-inspired cryptocurrency. The investor now holds around 2% of the cryptocurrency’s supply.
The accumulation came through four equal transactions, each contributing 5 trillion SHIB to the investor’s digital war chest. Interestingly, the transactions were all executed in quick succession, signaling a concerted and deliberate strategy.
According to data from the Ethereum blockchain, the whale’s wallet now has nearly $400 million worth of digital assets, with SHIB being its largest holding. It also has $146 million in Ethereum’s native $ETH, and $45 million in Polygon ($MATIC).
The whale has $15.8 million worth of Chainlink ($LINK) and $14.8 million worth of Avalanche ($AVAX), as well as smaller holdings in a number of other digital currencies that include compound ($COMP) and Uniswap’s $UNI governance token.
This strategic accumulation of SHIB tokens, amidst a flurry of significant developments within the Shiba Inu ecosystem, points to a deepening interest in the cryptocurrency’s future prospects.
Recently, Marcie Jastrow, an advisor to the Shiba Inu metaverse, shared promising updates during a Twitter Spaces event. She revealed that the team has plans to unveil previews of four metaverse hubs – WAGMI Temple, Rocket Pond, Ryo Plaza, and Tech Trench – by September.
As CryptoGlobe reported, SHIB’s burn rate has recently surged by a staggering 26,450% following a single transaction that burned over 2 billion tokens. Token burning is a process where tokens are sent to an unspendable address, effectively reducing the overall supply and potentially increasing the token’s value.
Despite this, there’s no certainty that burning tokens will increase their value due to factors like market sentiment and the overall state of the cryptocurrency market.
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