Saturday, September 23, 2023

Ether Whales Accumulate Shiba Inu Despite Losses


Shiba Inu, the popular meme coin, has seen a dip in active holdings overnight. It appears that the crypto asset’s holders are constantly fleeing it.

Ethereum whales, on the other hand, have recently grabbed the opportunity to amass even more of the asset.

Farewell 60k Holders

Shiba Inu has plummeted to $0.00002358 in the last 30 days, a drop of around 7%. The decrease has been attributed by analysts to a decrease in network activity. In particular, the network’s number of holders has decreased in the last ten days. This is in contrast to the three months of user increase it has enjoyed.

According to Etherscan, the network now has 1,138,243 holders, down from 1,199,789 just over a week ago. It shows a stunning loss of almost 60,000 holders, or around 4.8 percent, from a year ago. As a result, on-chain activity has decreased significantly, which is most likely the cause of the latest drop.

Some SHIB holders are rumored to be making the switch to Bitgert. They chose the project over SHIB since it has its own blockchain. Whatever the situation may be, the price drops have offered appealing opportunities for Ethereum whales to jump in and add to their holdings.

Ethereum whales have amassed a massive 3 trillion SHIB in the just 5 days. The 207th largest Ethereum whale purchased 271,370,420,630 SHIB worth nearly $6.5 million in a single transaction, according to WhaleStats statistics.

The price of SHIB is now hovering at $0.0000245. The asset has gained 1.44 percent in the last 24 hours, recouping some of the overnight volatility. Its daily trading volume, which is roughly $545.3 million, is also up 5.73 percent.

Token Burning and Project Development

The rising rates of token burning are one of the main reasons Ethereum whales are interested in the popular meme coin. It also entails the creation of new ventures. Steven Cooper, CEO of Bigger Entertainment, revealed in a tweet a few days ago that the Shiba Inu community has burned 263.4 billion SHIB since October.

The community raises the asset’s scarcity by burning SHIB tokens. With the correct demand, it can have a favorable impact on the price. At the same time, the token’s use cases are expanding, with organizations such as AMC theaters accepting the meme coin as payment. The Shiba Inu community is also planning to expand into the metaverse.

Last year, Shiba Inu was the most popular cryptocurrency, surpassing even Bitcoin. On the strength of the community alone, the amazing meme coin soared 45,000,000 percent in a single year.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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