1.022 Trillion Shiba Inu Bought by SHIB Whales as Large Bag of Shiba Inu Gets Burned

After the launch of Shibarium beta under the name “Puppynet,” whales’ interest in Shiba Inu meme crypto has resumed. Over the past 24 hours, whales have purchased over a trillion of these meme coins, paying more than 10 million USD for them.

🐋 ETH whale “BlueWhale0073” just bought 122,047,578,208 $shib ($1,286,381 USD).

Ranked #254 on WhaleStats: https://t.co/RBupemZyZX

Transaction: https://t.co/q1bjanKJTg#SHIB #ShibArmy

— WhaleStats (tracking crypto whales) (@WhaleStats) March 20, 2023

1.022 trillion SHIB lands in wallets, but they still prefer USDC

WhaleStats wallet tracker has spotted two staggering lumps of Shiba Inu going into the wallets of the two large Ethereum whales. These investors have purchased substantial chunks of 122,047,578,208 and almost a trillion SHIB – 899,999,734,985 meme coins. In total, these two lumps cost the buyers $10.8 million USD at the time of those purchases.

🐋🐋 ETH whale “Kvothe” just bought 899,999,734,985 $shib ($9,611,997 USD).

Ranked #232 on WhaleStats: https://t.co/CfilpTbqSZ

Transaction: https://t.co/VAle0DAtFJ#SHIB #ShibArmy

— WhaleStats (tracking crypto whales) (@WhaleStats) March 20, 2023

At press time, the 100 largest Ethereum whales are holding $601,204,724 worth of Shiba Inu in their combined portfolio. This constitutes 11.94% of it. SHIB here is the largest holding in USD equivalent, coming only after USDT and USDC stablecoins. Despite the recent turmoil on the crypto market and a short depegging of USDC, whales seem to still have a lot of faith in it, holding $789,051,954 in this stablecoin – 15.67% of a single asset in whales’ portfolios.

SHIB burns pick up speed

This week started off with large amounts of SHIB transferred to dead-end wallets as tens of millions of SHIB were burned. Last week, the SHIB community managed to remove around 2.5 billion meme coins from the circulating supply in total.

Back then, several times, half a billion SHIB were burned within 24 hours, and once even a billion of these meme tokens were burnt. These “burns,” in theory, help the token to become a more scarce asset and therefore push its price up, so the SHIB army is striving to burn as many coins as they can.

After the release of Puppynet on March 11 and confirmation from Shiba Inu lead Shytoshi Nakamoto that the amount of burned SHIB will depend on transactions made on Shibarium, the amount of burned Shiba Inu tokens increased dramatically.

25 trillion SHIB moved from this leading exchange

As reported by U.Today earlier, on March 20, several tweets from crypto tracker Whale Alert showed that 24.9 trillion Shiba Inu were withdrawn from major crypto player Crypto.com. That was 4.22% of the SHIB circulating on the market and a whopping 46% of the company’s SHIB holdings overall.

The crypto community was abuzz with comments. However, an explanation emerged on Twitter from the platform’s chief executive Chris Marszalek.

He stated that these consecutive massive transfers of the popular meme coin were nothing but standard custody operations to ensure the safety of Crypto.com’s funds. It should not affect clients in any way, according to him.