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 paid just over $6 million for its tokens.
The whale bought the tokens immediately after it was reported Shiba's burn rate had surged over 6,700%, according to whale monitoring firm WhaleStats, which maintains track of the 1,000 top whales on the Ethereum network.
The burn rate of the meme-inspired cryptocurrency increased after over 745 million tokens were burned in less than 24 hours.
Note that SHIB burns have become a hot topic in recent weeks, following the announcement by the cryptocurrency's developers of the development of a token burning platform that will assist the cryptocurrency's community in burning tokens in order to lower its circulating supply.
Ethereum whales have been stockpiling the meme-inspired crypto in particular
Another whale spent $1 million this month to purchase 49.6 billion SHIB, while another whale spent $1.9 million earlier this year to purchase 58.9 billion SHIB.
Whales have been piling up to the point where the meme-inspired cryptocurrency has surpassed the FTX exchange's native token, $FTT, as the second-largest holding in whales' portfolios.
The debut of Shibarium, a layer-two network built on top of the Ethereum blockchain to support the Shiba Inu ecosystem, has also been anticipated by the SHIBArmy. "Rapid low cost transactions optimized for gaming" will be possible with it.