- With the decrease in on-chain activity to the cryptocurrency, Shiba Inu has seen a decline in its investors. Despite this, however, ETH whales continued to accumulate SHIB tokens.
Sensational meme cryptocurrency Shiba Inu (SHIB), the asset has plunged overnight in active holders as investors seem to be constantly fleeing the crypto asset. Despite this, Ethereum whales have not missed an opportunity to increase their SHIB holdings lately.
SHIB lost 60,000 investors
The Shiba Inu tumbled as low as $0.00002358 before surging as high as $0.00002867, up nearly 23 percent in the past 30 days following the market’s uptrend, which analysts attributed to declining activity on the network. Notably, the network has seen a decline in the number of investors in the last 10 days, as opposed to the quarterly growth it has experienced in its user base.
According to Etherscan, the network’s current number of users is down about 5 percent from 1,199,789 a week ago. The altcoin now has 1,135,552 holders, which has experienced a staggering 60,000+ decline in its investor numbers.
Regarding the reason for the decrease in the number of investors; There is some speculation that some SHIB owners are switching to Bitgert, preferring the project to SHIB as it develops its own blockchain. Whatever the case, the price drops over the past weeks have created attractive opportunities as Ethereum whales come in and continue to accumulate more of the asset.
As noted by KoinFinans, 3 trillion SHIB has been collected by Ethereum whales in the past week. WhaleStats data revealed that the 207th largest Ethereum whale bought 271,370,420,630 SHIB worth approximately $6.5 million in a single transaction.
SHIB is currently trading at the $0.00002866 level. CoinMarketCap data shows that the asset has risen nearly 17 percent over the past 24 hours, making up for much of its woes over the past week. The platform’s daily trading volume is also at $3,360,487,695, an increase of 516%.
SHIB Burns and Project Improvements
One of the main reasons Ethereum whales are interested in the popular meme cryptocurrency is the increased token burn rates and the other is the constant development of new projects on the platform. Bigger Entertainment CEO Steven Cooper revealed in a tweet days ago that the Shiba Inu community has burned 263.4 billion SHIB since last October.
By burning SHIB tokens, the community is constantly increasing the scarcity of the asset, which can positively impact the price with the right demand. Also, use cases for the token have increased as institutions such as the AMC chain of movie theaters accept meme coin as payment. This development has been recognized by the community as an important new milestone in Shiba Inu adoption.
Previously, Welly’s, an Italian chain of burger restaurants, collaborated with the SHIB development team. As a result of this collaboration, Welly’s team has been completely rebranded and adopted the Shiba Inu dog as their new mascot.
In addition, the Shiba Inu community’s plans to build around the metaverse and the metaverse use cases for the token continue to expand, with the platform’s massive metaverse plans being among the factors that keep investor sentiment high.
Shiba Inu has become the most talked about cryptocurrency last year, surpassing even Bitcoin. The sensational meme cryptocurrency has soared an incredible 45,000,000 percent in a single year, thanks to the community’s impetus alone.
You can check the price movements here.
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.