Shiba Inu Burn Rate Tumbles as Ethereum Whales Get Active

Shiba Inu is once again the top traded and most held cryptocurrency among Ethereum TOP 100 whales.

sitting sad shiba inu dog, with a tealight scattered on landscape with a massive whale airplane
Created by Kornelija Poderskytė from DailyCoin
  • Blockchain data shows SHIB is the top-traded coin by ETH whales.
  • Shiba Inu’s $BONE recently got listed by two major exchanges.
  • Only one transaction was recorded on Shibburn in the last 24 hours.

The popular canine coin Shiba Inu (SHIB) gained much traction among the TOP 100 Ethereum whales after briefly slipping below the multi-year support line of $0.00001 late Wednesday night. This has caused a buying spree on Coinbase, as the crypto scales suggest that 98% of retail investors on the popular American platform are buying Shiba Inu.

Moreover, the largest whales quickly reacted to the sudden price drop. According to blockchain data, one Ethereum whale on KuCoin took the opportunity to stock up on SHIB holdings. In four transactions from KuCoin, the aforementioned whale bought 4,000,000,000 $SHIB tokens, topping up the crypto wallet to 16 billion SHIB.

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At press time, SHIB is changing hands at $0.00001025, according to CoinGecko. With a 3.7% downturn in the last 24 hours, Shiba Inu managed to reclaim the fundamental resistance level but showed no bullish signs on the on-chain signals in the daily charts.

Shiba Burn Rate Cools Down & Drops to Zero

In contrast to the swiftly increased Ethereum whale activity, the Shiba Inu community has almost halted its burning activity. In further detail, just 47,664 Shiba Inu tokens were burned in the last 24 hours in a single transaction, which equals $0.49.

As if that wasn’t enough, the official burning tracker Shibburn hasn’t recorded a single transaction since Thursday evening, making the SHIB Burn rate go negative for the first time. Currently, the SHIB burn metrics tool displays a shocking -100%, as none of the canine tokens were set ablaze.

On The Flipside

  • The lack of motivation from the community to burn SHIB tokens stems from the fact that there’s no automated way of burning the tokens.
  • SHIB Army members can choose from one of the three dead wallets on Shibburn, but many have requested an automated burning mechanism.

Why You Should Care

Shiba Inu is evolving into a self-sufficient ecosystem via Shibarium, the Layer-2 scaling solution.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.