According to data from Whalestats, a platform that tracks the biggest ETH whales, Shiba Inu (SHIB) has briefly become the second-largest investment in whale wallets after smart contract platform Ethereum (ETH). SHIB is next in line with the token of the FTX exchange. FTTHe caught it.
🐳 An ETH whale just bought 50,736,574,302 $shib ($1,106,564 USD).
Transaction hash: 0x54096e082f49030c1429badd924f744c604656b8d888ff155c7194eb40212b38#SHIB #ShibArmy
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) March 15, 2022
According to data from IntoTheBlock, the number of large transactions increased by 11% as Shiba Inu whales became more active in the last 24 hours. Sudden spikes in large trades are often indicative of high activity among institutional players or whales buying or selling.
WhaleStats crypto monitoring platform in a post it made today; reported that an ETH whale purchased 50,736,574,302 SHIB worth $1,106,564 during the transaction. This comes after a massive 49.65 billion SHIB purchase the previous day, valued at $1,094,317. The Shiba Inu, along with the rest of the crypto market, is showing signs of recovery and is trading at $0.000021, up 2%.
Whales keep accumulating
With the top 100 Shiba Inu investors relentlessly increasing their portfolios, WhaleStats also reported a 292.18% increase in the average SHIB balance for this investor category. In addition, the average SHIB value of the portfolios of these wallets grew by 287.43 percent. Both volume and active addresses have increased by 248.27% and 15.38% in the last 24 hours, showing healthy metrics.
The wallet nicknamed “Light” is at the top of WhaleStats’ list of the 100 largest Shiba Inu whales. This crypto address holds 35,121,281,443,997 Shiba Inu tokens worth $770,209,702.
Shiba Inu’s burn rate increased by 646 percent
Shibburn.com, a platform that tracks statistics on Shiba Inu tokens burned, reports that a total of 51,983,850 SHIBs have been burned in nine transactions in the past 24 hours.
In the past 24 hours, there have been a total of 51,983,850 $SHIB tokens burned and 9 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) March 16, 2022
According to the Shibburn website, subsequent transactions increased the total amount of SHIB burned to 54,877,540 SHIB, with the burning rate also increasing by 646 percent compared to the previous day. “Burning” permanently removes a number of tokens from circulation and is considered to have a long-term impact on the price.
coin burn (coin burning)It is a method used to keep the market value of crypto assets high and to try to stabilize inflation. Tokens “burned” in this way are permanently removed from circulation and this is expected to drive the price up in the near future. In theory, when most of a coin’s supply is removed, there is an increase in demand for that coin, and the price skyrockets as a result.
The Shiba Inu is seen as a viable payment option by real-world businesses. AMC Theaters recently announced on its website that it is now accepting online payments with Shiba Inu.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.