Shiba Inu (SHIB) had a strong year in 2021, increasing by over 1,000% to rank among the greatest performers on the market. SHIB, however, has been experiencing a bear run this year, just like many other coins.
Despite encouraging developments and the imminent release of Shiberium, the layer-2 scaling solution, the price remains low. Mem Coin was up almost 3% overnight and is pointing to a rally.
To build its ecosystem, the Shiba Inu team is engaged in several projects. The Shiba Inu Eternity game, SHIB Burns, and SHIB Metaverse are just some of the advancements being developed.
Whale Accumulation
Large wallet investors in the Ethereum network are eager to deposit Shiba Inu. Overnight, the 130th largest Ethereum whale collected 272 billion Shiba Inu coins.
According to information from WhaleStats, “Gallion” recently accumulated an incredible amount of 272,000,000,000 SHIB from two separate transactions in the last 24 hours.
The dealer contributed 100 billion Shiba Inu in the first transaction and 172 billion in the second over the course of more than 8 hours of activity. The cost per purchase was $0.0000109 on average.
Shiba Inu has flipped Basic Attention Token (BAT), a well-known blockchain-based medium of exchange, used by marketers, publishers and content users, among large wallet investors on the Ethereum blockchain, trading volume In terms of.
Among wealthy Ethereum whales, Shiba Inu is currently the cryptocurrency that is most frequently exchanged.
Shib’s burn mechanism boon?
The development of SHIB’s token burn mechanism is one of the main factors contributing to its development. According to a tracker, the asset’s token burn reached triple digits on Sunday, an increase of 1,031 percent at the moment. Of course, there’s still a ton of SHIB floating around. The total supply of the asset is 559,798,745,474,173, which is much higher than most coins.
Notably, the community of Luna Classic introduced its 1.2% tax burn earlier this month in an effort to address this issue.
