The cryptocurrency market has managed to offset some of the losses from the FTX crash with double-digit rallies since January. With prices now moving sideways, new findings show that major investment firms are rapidly acquiring an altcoin project.
As the altcoin market cools down again, the US investment firm is collecting this coin
As Etherscan data shows, more Shiba Inu than usual have entered the wallet of US investor company Jump Trading in the past few days. The great player was especially active at the beginning of the week. Then, on Monday, it sold 98.18 billion SHIB, but before that it had bought 118.3 billion Shiba Inu on Sunday. In addition, the company assured in its operation with SHIB, buying 64 billion tokens and selling 57.7 billion of them.
The Shiba Inu price has dropped more than 7% in the last two days after rising more than 28% since the beginning of February. While the price of SHIB is falling along with the crypto market due to a general correction, Jump Trading still prefers to buy. The US investor company currently holds a total of 130.72 billion SHIB, equivalent to $1.69 million.
However, Jump Trading was not the only investor interested in the Shiba Inu as the number of SHIB investors continued to grow steadily from December 2022. On-chain data shows that Shiba has reached a major milestone with 1.3 million users amid the upcoming Shibarium launch.
25,813 investors bought SHIB in early 2023
According to on-chain data, a total of 25,813 investors have been added to the Shiba Inu ecosystem since the beginning of 2023. This interest indicates that the community of crypto investors is flocking to the Shiba Inu to find an attractive investment opportunity. High demand comes as the Shiba Inu community prepares for the launch of its Tier-2 scalability solution, Shibarium.
According to the ongoing plans, the Shibarium launch will take place on the Ethereum network next week on February 14. The Shibarium launch aims to improve scalability prospects for the Shiba Inu ecosystem while reducing gas costs. cryptocoin.com We have included the details in this article.
The total number of Shiba Inu investors is currently 1,300,815 and the number of daily active addresses is approximately 14,645. According to IntoTheBlock, more than 64% of the total 1.3 million SHIB investors have been holding for at least one year. Also, about 32% are investors between 1 month and 12 months. The other 4% of SHIB investors held them for less than a month.
However, the SHIB token supply remains highly polarized. The top 10 addresses hold an astonishing 60% of SHIB’s total supply. Similarly, the top 100 addresses hold more than 80% of the total supply. However, these numbers also include dead addresses for the SHIB token burn, which holds 41% of the supply.
SHIB token burn rate and whale Transactions
In the last 24 hours, the SHIB burn rate has skyrocketed at an astonishing 10,109%. This spike in the incineration rate came as the Shiba Inu community mass-destroyed 20,929,491 (20.92 million) SHIBs in four separate transactions.
While there was no particular reason for the increase in the burn rate, it was substantial considering that only a very small percentage of the tokens, 205,000, had been burned the previous day on February 7th. 19.40 million SHIB moved to a dead wallet in a single transaction.
Altcoin whales are also showing interest
Shiba Inu (SHIB) whale activity has increased significantly over the past month. There has been a sharp increase in SHIB whale transactions worth $100,000 and more last month.
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