A deep-pocketed crypto trader is accumulating hundreds of billions of Shiba Inu (SHIB) as the dog-themed meme asset sees a massive jump in its token-burning rate.
New data from whale-tracking platform WhaleStats reveals that user BlueWhale0073, one of the biggest Ethereum (ETH) whales in the world, has just snapped up 148,782,308,867 SHIB worth $1,651,483 at time of writing.
[adinserter block="1"]News of a transaction comes as Shibburn, an automated protocol that tracks how many Shiba Inu tokens have been burned, reports a massive spike in discarded tokens during the last 24 hours.
According to Shibburn’s data, during the last 24 hours, the amount of SHIB burned has increased to 17,804,606, a staggering 35,508.5% increase. However, during the last seven days, the project’s burn rate is in the negatives at -75.38%.
Shib Inu is trading for $0.000011 at time of writing, a 1.3% decrease during the last 24 hours.
Recently, crypto-friendly travel firm Travala announced the launch of a new affiliate program featuring holders of the Dogecoin (DOGE) competitor. The program would have members that hold Shiba Inu earn a percentage of the bookings of each person they invite to Travala.
News of the new affiliate program came after it was unveiled that Puppynet, the testnet of Shibarium, the protocol’s highly anticipated upcoming layer-2 scaling solution, reached over 1,000,000 transactions after it launched earlier this month.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/muratart
