During an ongoing accumulation of the meme-inspired cryptocurrency, an Ethereum ($ETH) whale has scooped up over 271 billion Shiba Inu ($SHIB) tokens. The whale purchased slightly more than $6 million for its tokens.
The 208th largest whale on the Ethereum network, according to whale monitoring firm WhaleStats, bought the tokens shortly after it was reported Shiba’s burn rate increased by nearly 6,700 percent.
The burn rate of the meme-inspired cryptocurrency increased after over 745 million tokens were burned in just 24 hours. SHIB burns have become a controversial topic in recent weeks, following the announcement by the cryptocurrency’s developers of the introduction of a token burning portal to assist the cryptocurrency’s group in burning tokens in an effort to reduce its circulating supply.
Ethereum whales have reportedly been amassing the meme-inspired cryptocurrency. Another whale invested $1 million this month to purchase 49.6 billion SHIB, while another whale purchased 58.9 billion SHIB earlier this year for $1.9 million at the time of purchase
Whales have been accumulating up to the point where the meme-inspired cryptocurrency has surpassed the FTX exchange’s native token, $FTT, as the second-largest holding ETH whales have in their portfolios.
The SHIBArmy has also been looking forward to the introduction of Shibarium, a layer-two network built on top of the Ethereum blockchain to support the Shiba Inu ecosystem. It is designed to allow “quick low cost transactions suited for gaming.”