Last week, about 2.41B SHIB tokens were burned, which led to the shrinkage of the overall supply of the famous “doggy meme” token and its resultant scarcity. Conversely, a whale purchased a whopping $ 20.7 million worth of SHIB.
Since last weekend, the Shiba Inu token (SHIB) price has skyrocketed to roughly 20 percent. There are two main reasons behind this rally: the first is that 2.41B Shiba Inu got burned; that is, it was sent to self-claimed inferno wallets to make the famous doggy token rare and increase its price.
The @shibburn account on Twitter revealed the news of the burn, and people can follow up on the burnings of the Shiba Inu token on the shibburn.com website. Based on information from the @shibburn tracking account, several vast amounts of SHIB tokens have been burned, summing up to roughly 2.41 billion Shiba Inu tokens.
Massive Amount Of Shib Tokens Bought By Whale
Shiba Inu tokens getting burned is not entirely new; it was done in a series of portions. Among these portions, the largest one was valued at over 1.3 billion tokens burned between April 8th and 9th. Aside from this more significant portion, other burns were worth 442 million, and another burn amounted to a little above 258 million Shiba Inu tokens. In addition, a cumulative amount of over 324 million got burned in portions of 9 transactions since just yesterday.
Although, the massive burn of Shiba Inu tokens since last weekend wasn’t the only mover of the increased market value of the doggy meme coin. Based on a tweet from the WhaleStast Twitter account, another reason for the increased market value of the token might be because a significant whale purchased a whopping amount of 775,473,150,952 SHIB, which is equal to $20,697,378 during the transaction.
In terms of Ethereum (ETH), the Whale and the wallet owner “BlueWhale0073” is up the ranks at #12 by WhaleStats. The WhaleStats is a service that monitors the top hundred wallets on the Ethereum blockchain, and the Shiba Inu token falls under ERC-20 on the Ethereum network.
Shib Receives Support From Robinhood
Interestingly, the Shiba Inu token burns and the Whale’s massive purchase concur with the declaration that the famous trading and investment application – Robinhood is bringing in support for the Shiba Inu, alongside Solana (SOL), Polygon (MATIC), and Compound (COMP). Robinhood finally succumbed to the request of the so-called Shiba Inu army to list their token after some months.
Now, after they have been added to Robinhood, Polygon, Solana, Compound, and SHIB saw a rapid increase in their market prices in line with Robinhood’s declaration. Shiba Inu token increased by about 20 percent.
Even though the cryptocurrency market hasn’t been very friendly these past few days, the market worth of these tokens has dropped back to where they were before Robinhood’s declaration. At the time of writing, the Shiba Inu token is worth $0.00002664, down 3.4 percent over the past 24 hours.