According to the Shibburn Twitter account, over 4,699,029 SHIB tokens were burned in three major transactions. In the largest meme coin burn transaction in the last 24 hours, 2,727,768 SHIB was removed from circulation, and 971,261 SHIB and 1 million SHIB were burned, respectively, in the other two transactions.
However, the burning rate decreased by 40% as the amount burned in the last 24 hours lagged behind the higher amounts reported in the previous days.
Whales and SHIB
WhaleStats reports that the total SHIB holdings of the 100 largest whales on the Ethereum network have remained at the same level for about two weeks despite the recent price volatility. As a result, SHIB seems to have become a sort of “stablecoin” for the holders of these wallets.
The popular meme coin Shiba Inu is among the top 10 assets owned by the largest hundred whales on Ethereum, and it has been so for the past year. Meme coin occasionally appears in the top 10 list of the most traded digital currencies of these whales. But it’s worth noting: the whales in question held much more SHIB in the past than they do now.
During the summer, the whales’ SHIB holdings began to shrink sharply, dropping below $500 million and then below $100 million. They fell below the $80 million mark in October. At press time, the whales’ portfolios contain $74,505,858 worth of SHIB.
Shiba Inu expectations
The Shiba Inu development team is currently working on two major projects: SHIB Metaverse and the highly anticipated Layer 2 protocol Shibarium.
A release date for both has yet to be determined. However, the developers of SHIB and The Third Floor studio working on the SHIB metaverse recently shared the look of several new hubs (shards of virtual land).
As for Shibarium, lead SHIB developer Shytoshi Kusama continues to say it will be available to the community “soon” without revealing any specific or approximate release date.
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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.