Whale Presence Increases in Meme Coin With 300% Increase in Burn Rate!

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  • SHIB’s burn rate increased 300%, while Shiba Inu’s average balance held by major holders spiked 18% as the popular meme coin hit new milestones.

Shiba Inu (SHIB) recently announced some of its upcoming projects and updates such as SHI stablecoin, TREAT token to strengthen its ecosystem. In response to these news, Ethereum (ETH) whales started accumulating SHIB tokens heavily.

According to WhaleStats’ analysis of the top 100 Shiba Inu holders, the average balance of purchases held by these major holders increased by a massive 18%.

This increase comes as whales continue to hoard Shiba Inu amid the recent price drop. As previously reported by KoinFinans, over the weekend, the popular Ethereum whale Gimli devoured massive amounts of 750 million SHIB in three different transactions.

SHIB holder count reaches new milestone

The good news about SHIB doesn’t end there, and the largest 1000 ETH wallets hold 56,253,165,153,694 SHIBs worth $624,403,475. In addition, the number of Shiba Inu holders has reached a new milestone by reaching 1.2 million.

This recent increase in the number of meme coin holders does not affect the SHIB price much in the near term, but expresses interest in an asset in the long term.

Popular cryptocurrency burn rate increased by over 300%

It is a tracking platform that actively burns SHIB and can track the amount of SHIB tokens burned by the Shiba Inu community. shibburn According to the data shared by the website, the burn rate of the Shiba Inu has increased tremendously by over 300 percent.

shib

According to data shared by the Shibburn Twitter account, over 69,507,755 SHIB tokens have been burned in the last 24 hours, reportedly in 11 transactions.

According to the Shibburn Twitter account, which tweeted on July 10 that 918,640,569 SHIB tokens were destroyed and that burning took place in 100 transactions, over a billion SHIB tokens have been burned in the past seven days.

Shiba Inu steps into boxing ring in Argentina

Female boxer Viviana Palavec announced that she will wear the SHIB logo on her gym outfit to show her support for SHIB, the Shiba Inu Army Argentina Twitter account reported.

The note in the tweet translated as:

“Welcome to Shibarmy, Viviana Palavec. It’s an honor to be a member of this lovely family and to carry the Shiba logo in all your fights. This development is an example of how Shiba can be embraced in the world of sports whenever possible.”

Businesses can now directly accept Shiba Inu for fiat via this feature

Shiba Inu-friendly crypto payment processor NOWpayments is expanding its support for the meme cryptocurrency. This time, NOWPayments has released an automatic conversion tool in collaboration with the Switchere crypto exchange, launching the ability for merchants to directly convert SHIB money to fiat money without any intermediary transactions.

As of May, the Wrapped SHIB on BNB Chain was made acceptable to merchants using NOWPayments. By early 2022, the noncustodial cryptocurrency payment processor Doge Killer (LEASH) or in Shiba Inu (SHIB) had added a feature that allowed them to burn some of their income.

It has experienced a serious decline of 6% in the last 24 hours. SHIB price At the time of writing, it is at $0.0000114.

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.


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