Cryptocurrency Whales Accumulate Trillions of Shiba Inu Tokens
More than 1.44 trillion tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) were accumulated by cryptocurrency whales in just two days after withdrawing these funds from leading cryptocurrency trading platform Binance.
Whale Token Withdrawal
According to data shared by on-chain analysis service Lookonchain, a cryptocurrency wallet withdrew $13.36 million worth of the meme-inspired cryptocurrency and $1.2 million of the $BIGTIME token from Binance and Gate.io in just two days.
Price Drop and Burn Rate
The meme-inspired cryptocurrency has been dropping significantly, with SHIB losing around 10% of its value over the past week. Meanwhile, the burn rate of the meme-inspired cryptocurrency keeps on surging, with several days seeing burn rate increases in the triple digits.
Partnership with D3 Global
Shiba Inu’s team has partnered with domain firm D3 Global, allowing users to acquire .shib domains. This makes Shiba Inu one of the first decentralized projects to partner with D3 to pursue a top-level domain via the Internet Corporation for Assigned Names and Numbers (ICANN).
Token Burning and Price
SHIB unleashed an inferno on its tokens last month after 8.6 billion SHIB tokens were sent for permanent deletion, representing a remarkable 160,598% increase from the previous day’s burn rate. Shiba Inu’s community burns tokens by moving them to addresses that no one controls, effectively reducing its available supply on the market.
Adoption and Delisting
Some analysts believe that Shiba Inu’s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB’s utility to grow. Shiba Inu was recently one of the cryptocurrencies delisted from Uphold Canada, along with rival meme-inspired cryptocurrency Dogecoin (DOGE), Cardano (ADA), and a number of other cryptocurrencies.
Hot Take
Shiba Inu’s movements in token accumulation and burning for the reduction of its supply indicate a shift in its strategy for growth and adoption. This could lead to increased demand, potentially driving its price higher in the long run.
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