On-chain data shows that the largest Ethereum whale addresses are accumulating 7 altcoins, including Shiba Inu (SHIB). Meanwhile, Shibburn, the incineration portal of the Shiba Inu ecosystem, shared the latest status on their incineration process.
Millions of Shiba Inu (SHIB) have been burned in the last 24 hours
According to the Shibburn Twitter account, millions of SHIBs have been burned in the last 24 hours. A total of 17,471,415 SHIB tokens have been sent to the burn wallet in 13 transactions in the last 24 hours. So far, 871,678,685 SHIB tokens have been burned in the last seven days. The daily burn rate decreased by 36.39%.
Large holders or whales are moving in the market as the number of large SHIB transactions has increased in the last 24 hours. According to IntoTheBlock, large transaction spikes are usually due to an increase in whale activity, buy or sell, and a transaction is usually more than $100,000. Large transactions are up 63% in the last 24 hours. SHIB was trading at $0.00001059 at the time of writing, having dropped slightly over the past 24 hours.
LucieShib, an account focused on the Shiba Inu community, has reported on new Shibarium Layer 2 upgrades. While the team is working on the upcoming update, the Shibarium protocol has gained a new Blockchain identity.
cryptocoin.comLast week, a SHIB Discord channel member pointed out that Shibarium Blockchain and Rinia test net Blockchain both have the same Blockchain ID number. This led to an ensuing turmoil. In response to this, Shiba Inu developer Kaal Dhairya has committed to establishing a new Blockchain identity. A SHIB community member tweeted, “New Blockchain ID 719 for Shibarium BETA now,” along with a screenshot of the Shib testnet RPC.
Altcoins on the whales’ radar
The largest Ethereum (ETH) whale addresses currently hold $600,000,000 worth of meme token Shiba Inu, according to on-chain data. Crypto whale watching site WhaleStats has found that the top 2,000 ETH holders have accumulated around 56 trillion SHIB.
The next biggest investment for ethereum whales is Blockchain scaling solution Polygon (MATIC), which accounts for more than $167.7 million. The whales’ third favorite investment is the Bitpanda Ecosystem Token (BEST), the token of the stocks and precious metals investment platform. The first 2,000 whales are worth more than $155.9 million BEST.
Next on the list is LINK, the token from Chainlink, the decentralized oracle service that has 2,000 ETH whales holding more than $149 million. Cross-exchange app SwissBorg (CHSB) ranks second among the top ETH accounts where whales have amassed more than $131 million worth of tokens.
Other digital assets that whales have accumulated include decentralized exchange (DEX), Uniswap (UNI), scaling solution Locus Chain (LOCUS), and popular metaverse coin Decentraland (MANA). The Shiba Inu project recently celebrated the long-awaited launch of Shibarium, the ecosystem’s new layer-2 network built on Ethereum, similar to Polygon. Shibarium is currently in the beta testnet phase.
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